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.