Construction begins on new affordable housing in downtown Bristol

npressfetimg-2719.png
20 power environment nice flats will assist tackle workforce housing problem Inside the county

Vermont Enterprise Journal Co-house owners and builders, Addison County Group Notion (ACCT) and Evernorth, have introduced that enchancment is underway On the $8.6 million Firehouse Apartments Which might serve 20 low- and common-income households in downtown Bristol. The Firehouse Apartments recurrents a essential factor of a public/private companionship bringing municipal providers, Industry incubation, and mixed-income housing to the rising community of Bristol on the Stoney Hill property.

This companionship between the Metropolis of Bristol, private builders, and housing nonprofits ACCT and Evernorth leverages the fundings in municipal infrastructure and job creation to serve 20 households in a community the place There have been beforehand solely 9 non-age-restricted pretty priced housing flats.

Firehouse Apartments Shall be adjoining to a mannequin-new Industry park, subsequent door to The mannequin new hearth station, throughout The road from the regional Highschool and leisure fields, and Only 1 / 4 mile from the downtown hub of the community. These all electrical, extreme-efficiency houses Shall be designed and constructed to the requirements of the Enterprise Inexperienced Communities certification, Ensuing in resilient, healthful, environment nice, and environmentally accountable housing related to transportation, essential providers, and A Quantity of extreme quality-of-life amenities.

We’re so glad to be breaking floor right now on houses Which will stay a community asset in Bristol everlastingly,” said Nancy Owens, Co-President of Evernorth. “Like your funding in roads, sewers, schools and municipal buildings, this housing will stay in Bristol to serve the community as infrastructure You will Have The power to Rely upon.”

Funding totaling Greater than $8.6 million from A combination Of private and non-private sources was raised to cowl The complete enchancment prices. Housing New England (HNE) Funds II & IV provided the tax credit rating equity funding of $4.5 million for this enterprise, which Is run by the Vermont Housing Finance Agency. The Vermont Housing and Conservation Board contributed over $3 million, collectively with $1.4 million in American Rescue Plan Act funding and $520,000 in HOME funds. NBT Financial institution invested Inside the HNE Fund And in addition provided the everlasting mortgage of $345,000. Completely different sources of funds embrace the Metropolis of Bristol by way of the Vermont Group Development program and Effectivity Vermont.

“We’re grateful to our funders and companions for assisting these a lot-needed pretty priced houses,” said ACCT Authorities Director Elise Shanbacker. “Firehouse Apartments will create A mannequin new neighborhood in Bristol the place people can ship their youngsters To Highschool throughout The road, stroll to work and to downtown and have Quick entry to close by leisure trails.”

The Firehouse Apartments are scheduled to open Inside the Spring of 2023. The flats will serve A selection of households and people from these experiencing houselessness to these incomes 120% of The world’s median income, tackleing the workforce housing scarcity problem in Addison County.

Steve Schenker of S2 Structure is the enterprise architect. The buildings have been initially designed by Cushman Structure as An factor of the grasp enchancment. Naylor and Breen is The enchancment Supervisor.

In 2015, Stoney Hill Properties (SHP), LLC, a companionship created by Kevin Harper and David Blittersdorf, purchased a 12.5 acre parcel from the Metropolis of Bristol with the imaginative and prescient of a mixed-use enchancment that embraced municipal, residential and Industry buildings, all Contained in the core Bristol Village space. “Following the completion of The mannequin new Bristol Firehouse in 2016 and the infrastructure enhancements of 2021, the Firehouse Apartments Can be The subsequent primary step to seeing this enterprise unfold,” said Kevin Harper, SHP, LLC Supervisor Member. “My companion, David Blittersdorf And that i are thrilled with the progress of this private/public companionship, none of which might have occurred with out the overwhelming assist of the Metropolis, The Addison County Financial Development Company, and the community at huge,” Harper continued. 

The Addison County Group Notion (ACCT) develops, owns, and manages over 700 mannequins of perpetually pretty priced housing in Addison County, VT, collectively with multihousehold rental flats, mobile house parks, single-household househouse ownership alternatives, and a Support and Services at Home (“SASH”) program for space seniors.  ACCT has been buying for and preserving mobile house parks and single-household houses since its inception in 1989.  In 2005, ACCT started creating multihousehold rental properties in companionship with Housing Vermont, As properly as to managing Addison County’s current portfolio of multihousehold tax credit rating companionships.  As of 2022, ACCT owns and/or manages 334 multihousehold house mannequins, collectively with 168 developed or renovated with Housing Vermont and other enchancment companions.  www.addisontrust.org 

Evernorth is a nonprofit group serving the low and common income people of Maine, New Hampshire and Vermont with pretty priced housing and community fundings.  Evernorth has raised and deployed over $1B in equity capital for pretty priced housing and constructed Greater than 15,000 pretty priced houses and flats for low and common income people throughout northern New England. Study extra at www.evernorthUS.org.

10.26.21022. [Bristol, VT]. Evernorth evernorthus.org

npressfetimg-1048.png
construction

176-unit development set for construction at 2225 Sunset in Echo Park

In Echo Park, Los Angeles-based real estate investment firm Cypress Equity Investments (CE…….

Read More
npressfetimg-1047.png
construction

Why Berkeley could see housing construction drop in 2023

Pedestrians walk past the Identity Logan Park apartment complex under construction at the in…….

Read More
npressfetimg-1044.png
construction

176-unit development set for construction at 2225 Sunset in Echo Park

In Echo Park, Los Angeles-based real estate investment firm Cypress Equity Investments (CE…….

Read More