The proposed project involves rehabilitation of the top two floors of the three-story, 1875 Italianate-style, brick block located across from City Hall on Main Street. This building is a contributing structure in the Montpelier Historic District, which is listed on the National Register of Historic Places.
The upper two floors once housed apartments, but have been vacant for upwards of 75 years. The additional housing would help ease Montpelier’s tight rental market where the vacancy rate currently is around 1 percent, said Montpelier City Manager Bill Fraser.
“The City of Montpelier is thrilled that Downstreet and Housing Vermont have secured an option on the French Block,” Fraser said. “The redevelopment in the heart of the downtown will create greatly needed affordable housing. The City has been committed to seeing this project become a reality for over 20 years and looks forward to a successful outcome.”
Burlington-based Housing Vermont is a nonprofit syndication and development company founded in 1988 that creates permanently affordable rental housing for Vermonters through partnerships with local organizations, public agencies and the private sector.