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Downstreet advances plan for 32‑unit Seminary Street housing site; council work to finalize sale and TIF to follow
Summary
Council received an update that Downstreet is moving ahead with plans to build 32 housing units on the city‑owned Seminary Street lot; the Development Review Board approval and public notice period have passed and staff are negotiating a development agreement pending tax‑credit outcomes.
Barre City staff and councilors reported progress on a proposed housing development at the Seminary Street city lot and said the project has cleared key procedural milestones.
City staff said the site has Development Review Board approval and that the 30‑day public‑notice and appeal period has expired. Downstreet Housing and Community Development is the prospective developer; staff are negotiating a development agreement and exploring use of Tax Increment Financing (TIF) to support the project. Downstreet is awaiting tax‑credit decisions in April, which the partners said are integral to the project financing.
The proposed building would include about 32 housing units in a multi‑story structure that replaces the city parking lot. Staff and councilors described extensive coordination among partners, including Downstreet, DEW (developer partner) and Evernorth, with legal and TIF advisors assisting the city. City staff said that if tax credits and financing are secured, a bond for the TIF component and other administrative steps would follow before construction. Because of permitting and municipal bond timelines the earliest realistic start for construction is spring 2026, staff said.
Councilors described the project as the most advanced of several housing proposals that emerged after the 2023 floods and pledged continued oversight and work on TIF terms and development agreements.
What this means: the Seminary Street site is the furthest‑along housing project in the city’s post‑flood housing pipeline. The council’s sale terms and any TIF participation will be the subject of future council approvals once Downstreet secures tax credits and project financing.
