Downtown Construction Nears Finish Line – Video

By: Alex Rose, My Champlain Valley

Link to original article: http://www.mychamplainvalley.com/story/d/story/downtown-construction-nears-finish-line/21331/8mT6Md9-0ES_0zCsgQN5cA

Saint Albans, Vt.– A project one year in the making is reaching the finish line, and some say it’s a game changing opportunity for Saint Albans.

It starts with Vermont’s job engine expanding.

“Mylan Technologies said, ‘We’d like to keep growing, but we’re about out of space,’” said Saint Albans City Manager Dominic Cloud.

The pharmaceutical company bought out the state building at 20 Houghton Street to create more space and more jobs.

Now DCF, Health and Human services along with other state agencies from the area will relocate to the new building.

“Maximizing the space for efficiency, productivity, collaboration,” Cloud said.

The problem is the state doesn’t own the new office. It has to rent it from the project’s developer: the Re Arch Company.

“It was partially financed through new market tax credits,” said Re Arch Vice President of Development Evan Langfeldt. “What it does is it allows you to finance projects you may not find traditional lending for.”

The $13 million project was a joint investment with several based Vermont companies.

“It’s by and large Vermont contractors doing all that work, and so this has a big economic ripple both in the short term, and in the long term,” Cloud said.

The state financed parking garage with the privately funded office building will bring in even more projects to the area.

“We look to do street scaping projects on Lake Street and Kingman Street, with hopefully announcing a new hotel by the end of the calendar year,” Cloud said. “It’s a great time to be involved in the city.”

The city is currently taking bids for the new hotel.

Both the office building and the parking garage are a month ahead of schedule. The garage will open up in mid October. Mylan Technologies and the various State Departments are set to move into their new space at the end of December.