PRESS RELEASE
March 10, 2016
Today, the Vermont Agency of Commerce and Community Development announced the award of $850,000 to the One Taylor Street Redevelopment project. This marks a key milestone in moving this important downtown redevelopment project forward.
With preliminary plans completed last summer, DEW, the City’s Construction Manager, performed a full construction cost estimate. This cost estimate found that an additional $1.4M was needed to build the project as designed. Over the fall the City secured additional funds through the State’s Sales Tax Reallocation program and the Ecosystem Restoration Program. With the additional $850,000 announced today, the City has closed this funding gap and is poised to move forward.
“This is an exciting day for a project that will provide better transportation options in our community and offer much-needed new housing, as well as improve a key entry to our downtown,” said Mayor John Hollar this morning. “With the funds in place to redevelop this parcel, the only obstacle left is securing the final rights of way for the proposed shared use path. We began talks with the two remaining property owners in December and are hopeful that we will reach agreements with them soon.”
“This project, many years in the making, has received significant support from federal and state funding partners” said City Manager William Fraser. “Today we are thankful to the Department of Housing and Community Development and the Vermont Community Development Program for this competitive award that allows the project to move forward.”
The One Taylor Street Redevelopment project includes the construction of a Transit Center and privately owned rental housing on the site formerly known as the “Carr Lot,” as well as a new shared used path that will stretch from Taylor Street, across the North Branch of the Winooski River on a new pedestrian bridge, to Main Street. Key partners in this project are Gossens Bachman Architects, DuBois & King, DEW Construction Corp, and Redstone.
Media Contact:
William Fraser
City Manager
39 Main Street
Montpelier, VT 05602
(802) 223-9502
wfraser@montpelier-vt.org