Developer to invest in St. Johnsbury housing project
ST. JOHNSBURY, Vt. (AP) — Another Vermont developer is looking to invest in a St. Johnsbury apartment complex project.
The Caledonian-Record reports Kingdom Development Company announced Thursday it was finalizing a deal to buy the first floor of the Depot Square building. Housing Vermont recently purchased the property with help from St. Johnsbury.
KDC board chairman Phil Soucy says the company is “looking to change the landscape” in the area. Soucy says it will take some time but that the company has some prospects for the commercial space.
Town officials hope the apartment complex will help spur a larger revitalization project for the downtown area. St. Johnsbury is considering block grants, federal rural development funding and tax financing to aid the project.
Renovations on the complex will take about a year.
Information from: The Caledonian-Record, http://www.caledonianrecord.com