Positive Pie, a restaurant chain in Vermont, will open a new restaurant and pizzeria at City Place, a new office complex on N. Main Street. Renovations and fit-up have commenced and the opening is anticipated for March of 2014. Positive Pie (http://www.positivepie.com/) is well established in Hardwick, Plainfield and Montpelier.
“We recently obtained permits to commence the work,” says Matt Wheaton, Vice President of DEW Properties, “and we believe this will be a great addition to downtown Barre. We anticipate obtaining additional permitting for the development of office space for Edward Jones, a financial services company shortly. Based on discussions and negotiations with potential tenants, we expect that all but 3,000 sq. ft. of an 80,000 sq. ft. building to be tenanted before the end of 2014.”
Current tenants include the Vermont Department of Education, the administrative offices of Central Vermont Regional Hospital, the Vermont Department of Human Services and Rehab GYM, a physical therapy clinic equipped with a swimming pool to provide rehabilitation services, proactive wellness and injury prevention . Approximately 300 employees are anticipated to be working in the building.
The City Place project was developed following a Request for Proposals from the City of Barre as part of the City’s Master Plan to revitalize its downtown through a mix of private investment, tax credits and and massive public infrastructure improvements based on Tax Increment Financing, State and federal grants and municipal funding. Construction for the 15.3 million dollar started in February of 2013 and occupancy commenced in March of 2014.
Financing for the project was obtained through private equity, Mascoma Savings Bank, Vermont Economic Development Authority (VEDA) and New Market Tax Credits. Barre Area Development Corporation provided $200,000 of collateral to the project.