M&S Development was formed in 2014 to assist clients developing projects with social and economic benefits in economically distressed communities. As professionals in the related fields of law, engineering, architecture, and planning, the M&S team brings unique perspectives, as well as experience with complex and multifaceted projects.  The firm specializes in walkable downtowns and projects that are eligible for New Markets Tax Credits. 


Empowering Community Revitalization

Revitalizing prominent downtown buildings provides an influx of energy and activity, raises property values, and reverses cycles of decline into those of increasing prosperity and energy. Enabling major local job providers to expand their facilities can also play a critical role in preserving the economic vibrancy of a community.

However, all too often when developing projects in economically challenged communities, the cost far exceeds the amount of borrowed funds available for the project. Local rents will not support a “typical” return on equity for these risks. When redevelopment is not economically viable by conventional methods, something is needed to bridge the gap.


How do you approach projects that don’t pencil out?

There is a model of community-enabled development that combines community investment with a mix of federal tax credits and state support that has been successful in revitalizing downtowns. The funding is a complex, multi-layered combination of historic and New Markets Tax Credits, state support, public loans, and private investment: civic-minded investment for the community’s benefit.

By integrating several types of services and expertise, M&S Development is able to strategically navigate this highly complicated process. They excel at managing risk by negotiating the many moving parts throughout the life cycle of a project.


Meet Our Team

Craig Miskovich, Esq., Principal cmiskovich@msdevelopmentllc.com

Founding Member of the Brooks House Development Group, Director and Practicing Attorney at Downs Rachlin Martin PLLC (DRM)

Graduate of Harvard College and University of Connecticut School of Law

Experience: regional, national and international relationships, complex and multifaceted development projects, venture capitalists, technology businesses, and Fortune 100 companies

Areas of Expertise: New Markets Tax Credit financing marketplace

Craig has closed numerous NMTC deals ranging from Greek yogurt facilities in Arizona to paper manufacturing plants in the Northeast Kingdom.

Bob Stevens, PE, Principal, LEED AP, CNU bstevens@msdevelopmentllc.com

Founder and President of Stevens & Associates, PC: architecture, landscape architecture, civil and structural engineering firm located in Brattleboro, Vermont.

Experience: professional engineer, 25+ years of experience leading teams in design, planning, urban design, public bond campaigns, project finance & development.

Areas of expertise: sustainable design, traditional design, historic preservation

Bob’s work and community support has been recognized with numerous awards.


Skye Morse, Principal and Investment Director  smorse@msdevelopmentllc.com

Skye has 13+ years of experience in finance and renewable energy. He has been instrumental in winning over 100 Megawatts (MW) in competitive power purchase contracts, and had a hand in over 800 MW of renewable energy project finance, development, construction, and operations. Skye lives in Guilford, Vermont and serves on the Board of Directors of the Brattleboro Food Coop.

Areas of Expertise: Project Development, Renewable Energy, Finance, Compliance Management

Education:    BA in Economics – Brandeis University and MA in International Finance – Brandeis International Business School


Bob Crego, Project Manager rcrego@msdevelopmentllc.com

During his 25 year career in the community development field, Bob has obtained over $30 million in federal, state and private foundation grant funding and tax credit equity investment to help create over 700 units of multi-family and senior housing.

Experience: organizational development, project development, financial management, grant writing and business planning

Areas of expertise: health care, education, and restaurant development

Bob was the founding director of Valley Cares, Inc. in Townshend, Vermont and the developer of the organization’s signature project, West River Valley Senior Housing, which in 2008 was awarded the Nation’s Best New Senior Housing Project by the National Low-Income Housing Tax Credit Coalition.

Martha Ratcliffe, Project Manager mratcliffe@msdevelopmentllc.com

Martha has over a decade of project management experience.  Before joining M&S Development, she contributed to several downtown Brattleboro, Vermont projects.

Experience: project management, multi-family housing, grants management, small commercial and light industrial projects

Area of expertise: relationship development with design professionals, funders, and State and local agencies


Gabrielle Ciuffreda, Project Coordinator gciuffreda@msdevelopmentllc.com

Gabrielle received her A.B. in Mathematics and Biology from Bryn Mawr College and a J.D. from the University of Pennsylvania Law School. She has worked for a national firm based in New York City, as well as local non-profit organizations.

Experience: project management & permitting, budgetary controls, contracts & corporate documents, grant management, and legal relationships

Areas of expertise: real estate & environmental compliance, finance, civil and patent litigation

She currently lives in Guilford, Vermont where she is a member of the Select Board.


Brooks House

Location: Downtown Brattleboro, VT
Cost: $23.6 million
Size: 80,000 SF
Type: Mixed-use
Status: Completed 2014


GS Precision Expansion

Location: Brattleboro, VT
Cost: $17.4 million
Size: 122,000 SF
Type: Manufacturing facility
Status: Completed 2017


Athol Memorial Hospital

Location: Athol, MA
Cost: $19.3 million
Size: 112,000 SF
Type: Hospital Expansion
Status: In construction


Chroma Technology Expansion

Location: Bellows Falls, VT
Cost: $22.3 million
Size: 53,000 SF
Type: Manufacturing facility
Status: In construction

Putnam Block Redevelopment

Location: Bennington, VT
Cost: $56 million
Size: 160,000 SF
Type: Mixed-use
Status: Pre-development


Events & Speaking Engagements

M&S Development sponsors, attends and presents at numerous events throughout the year.  Join us and learn more about how M&S provides services to assist clients with development projects to strengthen and empower communities.


Vermont Development Conference, Burlington, VT — November 15

Vermont Statewide Housing Conference – Burlington, VT – November 13-14

2018 LOCUS New England Summit, Boston, MA – Oct. 23-24

Novogradac 2018 New Markets Tax Credit Fall Conference, Austin TX – Oct. 18-19

SNEAPA Regional Planning Conference, Hartford, CT – Oct. 18-19

Vermont Community Leadership Summit – Castleton University, Castleton, VT – October 1

Radically Rural – Keene, NH – September 27-28

Western MA Developers Conference, Springfield, MA – June 12

Preservation Trust of Vermont – Historic Preservation and Downtown Conference, Bristol, VT   –  June 8

CohnReznick – New Markets Tax Credit Summit 2018, Miami, FL – May 14-16

LOCUS National Leadership Summit: Rebuild America’s Neighborhoods, Washington D.C. – April 22-24

CNU New England Meet Up – Western New England, Springfield, MA – April 10th

Southern Vermont Housing Summit – Shaftsbury, VT – February 9


Vermont Development Conference, Burlington, VT — November

CNU New England Meet Up – Western New England, Springfield, MA – October

Municipal Day, Montpelier, VT – September

LOCUS: Responsible Real Estate Developers & Investors Webinar Series – August

Smart Growth Summit, Burlington, VT – June

CNU New England Meet Up – Western New England, Springfield, MA – June

Putnam Block – Open House, Bennington, VT – May

National Main Street NOW Conference, Pittsburg, PA — May

LOCUS National Summit, Washington DC — April

CNU New England Annual Summit, District Hall, Boston, MA — March

Vermont League of Cities & Towns, Economic Development Conference, Montpelier, VT — March


Vermont Regional Development Corporation, Montpelier, VT — December

Vermont Development Conference, Burlington, VT — November

UVM, Faculty and Graduate Students, Historic Preservation Program, Brattleboro, VT — November

Vermont Community Development Association, Castleton University, Castleton, VT — October

DevelopSpringfield, Springfield, MA — September

To learn more about how M&S can help your community or business, please call 802-246-2100.