USA Fund invests in Downtown Winooski, VT
Partners with Hallkeen just as next phase of condo construction begins
BOSTON-October 10, 2007 – The Urban Strategy America (‘USA’) Fund, a New Boston real estate investment fund, recently announced the formation of a partnership with HallKeen LLC of Norwood and The Braverman Company of Stowe, Vermont to continue the development of Winooski Falls, a mixed-use historic redevelopment project in downtown Winooski, Vermont.
The USA Fund executes on the promise of a triple bottom line -- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability. This joint venture with HallKeen at Winooski Falls is one example of a development partnership formed to deliver on such a platform.
Simultaneously, the new partnership has closed on the financing of the first phase (70 units) of The Cascades, a riverfront condominium development featuring nine-foot ceilings, hardwood floors, and outdoor courtyards with fireplaces. The groundbreaking will occur on October 17th. In addition to The Cascades, Winooski Falls includes Keen’s Crossing a 213-unit mixed-income apartment community recently completed; the Champlain Mill, a historic woolen mill which is being converted into offices; and retail shops in Spinner Place, an off-campus student housing facility.
“Winooski Falls is a perfect match for the USA Fund because it is an urban infill project that meets Vermont’s strict sustainability guidelines while offering residents of many income levels an opportunity to walk to work and be part of a vibrant downtown community,” said Jerry Pucillo, Senior Vice President of New Boston Development Partners.
Part of the USA Fund’s investment will also be focused on drawing in retailers to the new downtown, driven by the Winooski Falls development, to provide services that support the new residential community.
“HallKeen and The Braverman Company are very pleased to finalize the partnership with New Boston’s USA Fund and close on The Cascades financing. New Boston brings substantial experience and resources to the Winooski Falls project. Most importantly, the USA Fund’s goals and objectives are completely inline with the Winooski Falls project and the City and State stakeholders that have been working for years on this very important Vermont project,” said Andy Burnes, Principal at HallKeen.
Winooski Falls is the centerpiece of a downtown district in the midst of a redevelopment designed by award-winning architects and planners, and based on the forward-thinking principles of “smart growth.” Smart growth calls for walkable, mixed-use neighborhoods with a lively street life and a strong sense of place.
Every residence and office at Winooski Falls will be located within walking distance of all essential goods and services. Also, excellent public transit will connect Winooski’s new neighborhood with nearby Burlington. This thoughtful approach to downtown revitalization recently earned Winooski Falls the National Award for Smart Growth Achievement issued by the United States Environmental Protection Agency (EPA).
“As a nation we are facing great energy and environmental challenges and the USA Fund aims to engage in projects that combat these issues,” said Kirk Sykes, president and managing director of the USA Fund. “Winooski Falls exemplifies our triple bottom line principles by being a sound investment for our investors, stimulating the economic development in one of Vermont’s fastest growing cities and doing it in a sustainable and thoughtful manner.”
About the USA Fund
The Urban Strategy America ('USA') Fund is a private New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.
Since 1991, HallKeen, a diversified real estate company based in Norwood, Mass., has been creating and managing mixed-use and mixed income developments that respect and revitalize urban neighborhoods. HallKeen specializes in the conversion and rehabilitation of historic buildings either independently or through joint ventures with community organizations. Our prime focus is the acquisition, development and management of affordable and mixed income housing; we also provide a broad range of commercial management services to our clients and the properties we own. HallKeen’s current portfolio includes more than 4,750 units of multi family residential housing in 45 separate partnerships, 258 units of assisted living residences in four partnerships, and approximately 1.5 million square feet of commercial space, inclusive of light industrial, office and biotech laboratory space. HallKeen has a strong presence throughout New England.
About The Braverman Company, LLC
The Braverman Company is a Vermont based real estate development firm that specializes is smart growth solutions. The firm focuses its efforts on downtown revitalization through forward thinking, innovative mixed use infill development. Ken Braverman, principal of the Braverman Company, is graduate a graduate of UVM’s School of Natural Resources and has master’s degrees from the University of Virginia School of Architecture and Columbia University Real Estate Program. He has extensive experience managing the development of a wide variety of residential and mixed-use communities with a collective value of over $120 million in total development cost. Mr. Braverman is a contributing author of the book entitled, "Developing Housing for the Workforce", recently published the Urban Land Institute.