Middlebury College enters agreement to sell Maple Manor property

MIDDLEBURY, Vt.-Middlebury College has entered into a sales and purchase agreement with Middlebury South Village (MSV) to purchase the 31-acre parcel of land known as the Maple Manor Motel property. The site is located off Route 7 south of the town center of Middlebury. The managers of MSV are Stephen D. Reid of Brookfield Development Co. in Brookfield and Jeffry Glassberg of Renaissance Development Co. in Waltham.

“We are very pleased with the conceptual plan for development of the property that MSV proposes,” said Tom Corbin, assistant treasurer and director of business services for Middlebury College. “It complies with the town plan and the firm has an excellent track record,” said Corbin.

In a separate announcement (see below), MSV stated that it plans to use the site for construction of retail and office space, residential apartments and condominiums, and single family homes.

In February 2004, the College announced that it would accept offers for the purchase of the property and contacted parties who had previously expressed interest in the property to invite bids. Three firms submitted bids by the March 31 deadline. The agreement with MSV was signed on May 24. The sale will become final following the successful completion of the permitting process for the firm’s planned use of the property.

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Press Release

Middlebury South Village, LLC

For More Information Contact:

Stephen Reid Jeffry Glassberg

Brookfield Development Co. Renaissance Development Co.

Brookfield, VT Vergennes, VT

802-276-3722 802-877-0019

Middlebury South Village, LLC (MSV) managers Stephen Reid of Brookfield Development Co., Brookfield, VT and Jeffry Glassberg of Renaissance Development Co., Waltham, VT have announced the execution (5/24/04) of a Purchase & Sale Agreement with Middlebury College by which MSV will acquire the +-30 acre Maple Manor Motel property on Route 7 South in Middlebury.

MSV’s conceptual development plan for the property includes the following elements:

* +-42,000 square feet of retail and office space on the 1st and 2nd floors of a half dozen 2 and 3 story buildings clustered around a green just off Route 7;

* +-30 residential apartments/condominiums on the 2nd and 3rd floors of the retail/office buildings;

* a new municipal street connecting Creek and Middle Roads;

* +-45 single family home lots on the rear acreage, targeting VHFA eligible first home buyers.

Following the collection of base information on the property (wetland delineation, topographic survey, etc.) and market (price points, absorption rates, etc.), MSV is planning 2 pre-permit application public meetings (early July and early August), at which the Middlebury community will be invited to provide input to the site and building design process.

Key members of the Middlebury South Village design team are:

* William Maclay, Wm. Maclay Architects and Planners, Waitsfield, VT

* Peter DeGraff, Otter Creek Engineering, Inc., East Middlebury, VT

* Peter Breen, Naylor & Breen Builders, Inc., Brandon, VT