featured projects

Our Impact in Action

From historic downtown restorations to major industrial expansions, our work is defined by the lasting social and economic benefits it brings to the region. Each project represents a unique puzzle of complex financing and community collaboration that we’ve successfully solved to create jobs, housing, and vibrant public spaces.


Explore our featured projects below to see how we turn ambitious visions into community landmarks.

Putnam Block Redevelopment Phase 1

Location: Bennington, Vermont

Cost: $30,700,000

Size: 78,000 square feet

Type: Mixed-Use

Status: Completed November 2020


The Putnam Hotel and the surrounding block represent the most prominent location in downtown Bennington, Vermont. Having fallen into disrepair, the architecturally significant properties have been underutilized for years, perpetuating a state of decline in the downtown. Revitalization of these celebrated buildings will be a critical economic infusion into Bennington’s downtown, creating a vibrant, mixed-use neighborhood. The vision includes in-town living, attractive retail, and office space, providing jobs and important amenities like a neighborhood grocery and restaurants.


The project was initiated by the Bennington Redevelopment Group (BRG), a consortium of major institutions, businesses and civic leaders in the Town. M&S has provided a full suite of development services including acquisition and design support, deal structuring, debt, equity, grant, and tax credit sourcing, tenant recruitment, and general contractor selection.

Brooks House

Location: Downtown Brattleboro, Vermont
Cost: $23,600,000
Size: 80,000 square feet
Type: Mixed-Use
Status: Completed 2014


The historic Brooks House is an 80,000 square foot mixed-use building located in the geographic and historic heart of Brattleboro, Vermont’s downtown.  In April 2011, a five-alarm fire gutted much of the building, destroying the homes of over 80 people and several businesses.


Resurrecting the Brooks House was essential to the health and viability of Brattleboro’s downtown, but it became evident that the existing owner was not prepared to undertake the complex redevelopment and assemble the multi-layered financing package necessary to rehabilitate the structure.  After two years of sitting idle and increasing anxiety among the community, a group of five local citizens—who eventually formed project sponsor Mesabi, LLC—stepped forward, purchased the building, and organized a restoration plan.



The $23.6 million project leveraged all possible sources: historic and new markets tax credits, conventional financing, a community development block grant, town funding, individual investors, owner equity, and support from those near and far.  The key to making this project viable was community support, varied sources of capital, and creative financing.

M&S Development was formed by two members of Mesabi to focus on future redevelopment projects in economically distressed downtowns.

Dewitt Block

Location: Downtown Brattleboro, Vermont
Cost: $5,800,000
Size: 15,000 square feet
Type: Mixed-use
Status: In pre-development


M&S Development’s rehabilitation of the Emerson-DeWitt building will transform a blighted, historic brick building in downtown Brattleboro into office space and new housing.

Located at 47 Flat Street, the four-story warehouse has remained vacant, with several of its windows boarded over for almost a decade. Along with adding much-needed housing to downtown Brattleboro, the project builds on other Flat Street revitalization efforts. 

Plans for the building include 15 new, quality, affordable housing units on the upper floors and shared office space on the first floor. M&S Development is partnering with architectural and engineering design firm Stevens & Associates. As part of their work, S&A considered both the project’s first costs and the long-term operation costs.


M&S is providing a full scope of funding development and project management services: 

  • Predevelopment, including feasibility and financial proformas
  • Development phase management, including tax credit and debt sourcing, and syndication
  • Grant sourcing
  • Coordination of consultants
  • Construction phase management


Other project highlights include:

  • Allotted $577,100 in tax credits from the State of Vermont in 2021.  
  • Received 8 project-based housing vouchers from the Vermont State Housing Authority.
  • Successfully curated project funding through a network of private and public sources. 
  • Managed risk associated with construction cost inflation due to unprecedented pricing increases and labor shortages.
  • Collaborated with a wide range of stakeholders: Brattleboro Savings & Loan, Windham Regional Commission, and a Block Grant provided by the Vermont Community Development Program through the Town of Brattleboro.

Tri-Park

Located in Brattleboro, Vermont

Vermont’s largest mobile home community

Cooperative, resident-owned

Grants, tax credits, debt, and federal earmarks

Almost 1,000 residents

 Vulnerable populations


The Tri-Park Housing Cooperative is Vermont’s largest mobile home community and is entirely resident-owned. Its residents and finances have suffered tremendously from recurring flood damage. In 2011, Tropical Storm Irene destroyed numerous homes and homesites. 


Almost fifteen years after formally agreeing to vacate certain homesites within the floodway and subsequently completing a Master Plan to assess its current condition, Tri-Park hired M&S Development. Tri-Park charged M&S with conducting a feasibility study to chart the physical and financial path toward safety and stability.


M&S developed a schedule of capital investments to address the community’s most urgent needs (new sewer systems, replacement bridges, relocation of 33 residents outside of the floodway) as well as longer-term capital planning requirements. M&S created this plan without relying on a significant increase in lot rents for the residents, the majority of whom are low- and medium-income, vulnerable populations. M&S worked with Tri-Park’s Board and almost 1,000-strong resident population to develop its plans and communications.


Funding sources and project partners include numerous State of Vermont agencies, public and private financing, tax credits, public utilities rebates, Congressionally Directed Spending, and others.

Athol Memorial Hospital

Location: Athol, Massachusetts

Cost: $19,300,000

Size: 112,000 square feet

Type: Hospital Expansion

Status: Completed September 2020


Athol Memorial Hospital (AMH) is a Critical Access, non-profit hospital serving the nine communities of the North Quabbin, Massachusetts region. The hospital partnered with Heywood Hospital of Gardner, MA in 2013 to form Heywood Healthcare, a community-owned, non-profit healthcare organization serving the north central region of Massachusetts and southern New Hampshire.


At the time, Athol Memorial Hospital’s outdated emergency department cared for over 11,000 patients a year. To increase capacity and better serve patients, the project included a 43,500 square foot addition, renovation and modernization of the emergency department, and the construction of a new medical office building.


As a result, the emergency services, audiology, cardiology, diabetes care, oncology, and imaging services are greatly enhanced. Practitioners’ offices are centralized on the AMH campus, thereby providing better care to the community. The new, upgraded facility will help support the hospital’s long-term viability while attracting and retaining practitioners to this rural community, which remains a longstanding challenge.



To develop and manage this $19.3 million project, Athol Memorial Hospital engaged M&S Development. M&S took the lead on navigating the complex, multi-layered financing package, which included a $17 million New Markets Tax Credits allocation. The project achieved financial closing in December 2017. Construction was completed in September 2020.