GREEN MOUNTAIN COLLEGE CAMPUS GOES TO AUCTION

Unique Opportunity for Reuse or Redevelopment in Vermont with Financing Options

(Central Islip, NY- Tuesday, April 28th, 2020) Maltz Auctions, a premier full-service auction company serving the Continental United States and Caribbean, announced it will pursue buyers for the idyllic 155-acre Green Mountain College Campus, anchoring Main Street, in the Historic downtown of Poultney, Vermont.

“This quintessential New England campus had been the home of Green Mountain College, a private 4-year liberal arts school focused on environmental, social, and economic sustainability, which unfortunately closed at the end of 2019,” stated Keith Lowey of Verdolino & Lowey, the Chief Restructuring Officer for Green Mountain College. “It’s truly a turn-key opportunity for the right buyer as it is comprised of classic New England  dormitory buildings, classrooms, administrative offices, lecture halls, cafeteria, student center, community space, library building, athletic facilities- including fields, gymnasium, pool, and more, a 400-seat theater/auditorium, fine arts studios and galleries, a working farm, guest residences and a campus-wide wood-fueled biomass (carbon neutral) heating system.”  Lowey then added, “There are also financing options available for qualified buyers.”

Maltz Auction’s CEO, Richard Maltz shared, “This property auction includes furniture, fixtures and equipment of the school and represents an exceptionally rare opportunity to acquire an environmentally sustainable, green campus that is superbly located and beautifully maintained in a single transaction. There is incredible reuse or redevelopment potential, this is truly one of the most enchanting properties my firm has had the opportunity to market.”

The Green Mountain Campus is in southern Vermont’s beautiful lakes region, with the Adirondack Mountains to the west and the Green Mountains to the east. The 155-acre campus situated on the New York-Vermont border features classic red-brick and slate roof buildings, athletic fields, a working farm, hiking and bike trails, and much more.

The property sits at the intersection of College Street and Main Street in the heart of Poultney, a vibrant and quaint New England village of 3,400 residents, which has been recognized, along with 22 others in Vermont, as a historic downtown.  Poultney is home to an extensive bike trail network as well as to Lake St. Catherine and Lake St. Catherine State Park, a 117-acre destination park, campground and nature center.  Lake Bomoseen State Park is less than a 15-minute ride north of Poultney.  Both the Killington and Okemo ski areas are less than an hour away.

The town of Poultney is located ‘in the middle of everywhere’, bordered by Ira & Middletown Springs to the east, Fair Haven and Castleton to the north, Hampton (NY) to the west, and Wells to the south. Poultney is approximately 80 miles southwest of Vermont’s capital city (Montpelier), 70 miles south of Vermont’s largest city (Burlington) and 65 miles west of the Vermont/New Hampshire border in White River Junction. Poultney is also proximate to Saratoga Springs (50 miles southwest of Poultney) and Albany (70 miles southwest of Poultney) in New York state.

In addition, great shopping, year-round recreational activities, skiing destinations (including Vermont’s premier ski resort, Killington Mountain) and college towns including Burlington (VT), Bennington (VT), Middlebury (VT) and Queensbury (NY) are located nearby.

The closest city to Poultney is Rutland, Vermont, which is the largest town in Vermont after Burlington and South Burlington. The city of Rutland is located approximately 20 miles northeast of Poultney, or a 25-30-minute drive via Route 30 & Route 4. Rutland offers the Rutland Regional Medical Center as well as an eclectic mix of shopping, restaurants, bars, cafés as well as cultural and entertainment venues and attractions. The state of Vermont, known as the Green Mountain state, ranks as the healthiest and best-educated state in the country.  Here are a few regional websites of interest:

www.thinkvermont.com

https://www.poultney.vt.gov/index.asp?SEC=F1CC8479-70D1-4C37-80DB-68ACCDACD780&Type=B_BASIC

https://www.rrmc.org/

https://rutlandvermont.com/

PROPERTY OVERVIEW

One Brennan Circle, Poultney, Rutland County, VT 05764

  • Primary Frontage: College Street
  • Access:

From the East: Main Street

From the North & South: College Street

  • 155 acres
  • 22 BUILDINGS
    • Year Built: Ranging between 1855-1969, with most improvements being constructed either circa 1900 or between 1940-1960. Six structures have undergone complete renovations, while the remainder have been periodically repaired and maintained.
      • 7 dormitory buildings, 3 single family homes with multiple uses, 3 mixed-use buildings, 3 administrative buildings, 2 arts buildings/galleries, 1 library (3-stories + mezzanine & lower level), 1 gymnasium/fieldhouse, 1 biomass plant/maintenance shop and 1 barn
        • 447,253 Gross Square Feet
          • 654 BEDS (existing configuration)
          • 33 CLASSROOMS/LECTURE HALLS/LABS (existing configuration)
          • 400 SEAT AUDITORIUM
          • ATHLETIC FACILITIES
          • FULLY FURNISHED
          • CARBON NEUTRAL
          • AMPLE paved and unpaved surface parking
          • PARKING
        • Utilities: Water & Sewer: Village of Poultney
        • Electricity: Green Mountain Power Corporation / Tunbridge Solar
        • Gas: Suburban Propane
        • Heat: In 2010, the school constructed a wood-fueled biomass heating system which supplies steam heat to the on-campus improvements (i.e. not including the four off-site structures) at a reported cost of $5.5 million. The plant burns +/- 4,000-5,000 tons of locally harvested woodchips each year as the primary fuel and provides 85% of the school’s heat. The biomass plant was designed as a cogeneration plant (heat and electricity and with some minor modifications it could be reconfigured to produce electricity and heat. In shoulder seasons (April through mid-June and September through October) and summer months, the biomass plant is taken offline and the campus utilizes two (2) oil boilers as heating source as needed.
        • Broadband: The school formerly had broadband capacity of 500Mbps
        • AT&T Cell Tower on campus
        • Summary of individual building specifications (HVAC, foundations, roofs, building conditions, etc.) are available upon request.

 

PROCESS & PRICING

The Green Mountain Campus is offered on an “as-is” basis and Maltz is seeking a stalking horse bidder for an auction contemplated to occur in July, however, pre-auction offers will be considered. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with access to the offering memorandum and due diligence materials. For more information on the property and to sign the Confidentiality Agreement, please visit MaltzAuctions.com.

 

ACCESSIBILITY

Major metros in the northeast – Albany, Boston, New York, and Montreal – are all within reach of the campus by car, bus, airplane and train. International access is available through these hubs, particularly Boston’s Logan International Airport (BOS). Rutland Southern Vermont Regional Airport (RUT), a full-service modern airport providing regional service, is just 25 miles east of the campus. The airport offers three (3) round-trip commercial flights per day to/from Logan International Airport in Boston, Massachusetts. Two Amtrak passenger trains, the Ethan Allen Express and the Adirondack, offer daily service to the Poultney area. Two Amtrak stations are located just 15 minutes in either direction of the campus. Amtrak’s service originates at Penn Station in Manhattan and travels north providing the Lakes Region with tremendous access to the population of New York City and the surrounding communities in downstate New York.