"We really need more housing in Montpelier," says Mayor John Hollar. "We have a very low vacancy rate for apartments, but I'm here to make sure community members are heard."
Until Tuesday, a hotel was also on the table. Developer Redstone Commercial Group made a deal with Capital Plaza Hotel, which did not want any competition. In return, the hotel will give vital land for the city to create a new bike path as part of the Taylor Street project.
"We were looking forward to the opportunity of building a hotel in Montpelier," says Larry Williams of Redstone Commercial group. "The reality of this sight and this situation we thought it would be too difficult to get a hotel approved."
Mayor Hollar wants to see construction start next spring, regardless of what option is chosen.
"If you're interested in the biggest economic impact on the city, it might be the office complex because that has all the employees," says Richard Heapes, who compiled the report. "If on the other hand, you're concerned adequate housing is not available and more housing is needed, the apartment complex answers that question."
The apartment complex would cost $7.5 million, while an office complex would cost $4.7 million.
To view the Northern Economic Consulting Inc. full economic report, click here.
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