Our development & acquisitions team has extensive experience in property due diligence, design, permitting, legal review, construction management, compliance with local, State and Federal regulations, complex financing, and deal structuring. Past projects have ranged from development of multifamily housing, to re-use of aging industrial properties, to historic rehabilitation of architecturally signiﬁcant buildings, to ground up construction of a hotel. Redstone’s ventures have involved all sectors of real estate including residential, ofﬁce, retail, industrial, warehouse, health care, student housing, lodging and recreation.
TD Bank Block
Redstone was selected by Banknorth, N.A. (now TD Bank) to lead the mixed-use redevelopment of the TD Bank Block (bounded by Main, St. Paul, Pine and King Streets) as a result of an RFP process. The project involved transforming most of a city block into an exciting housing and workplace community. The Hinds Lofts adaptive reuse condominium project was completed in 2008. King Street Housing, a new construction 42,000 square foot mixed-use project was developed by Redstone’s non-proﬁt partners, Champlain Housing Trust and Housing Vermont in 2009. The project was capped off with the historic rehabilitation of Woodbury’s Armory at 101 Main Street and the new construction of a 139-room Hilton Garden Inn hotel along with a new underground parking structure in 2015. The focused service hotel includes a fitness center, swimming pool, business center, meeting rooms, and a bar area. Since opening, the Hilton Garden Inn has been one of the best performing hotels within its competitive set in the Burlington market. The TD Bank Block has received a number of awards and accolades including LEED Silver certification for the Hilton Garden and King Street Housing; 2010 Chittenden County Historical Society Preservation Award for the Hinds Lofts; and 2009 Smart Growth Award for the full block project.
Redstone competed against national student housing firms to secure the rights to construct and manage a 403-bed student apartment community on the University of Vermont campus. The property opened in 2012, was 100% pre-leased for the ﬁrst year of operations and is now fully stabilized. Redstone Lofts is an apartment-style complex – a state of the art building with two wings of four and ﬁve stories that are connected by a structure known as the lantern that contains a lounge, fitness center, multipurpose room, and table games. The project achieved LEED Silver certification and won the 2012 Burlington Business Association Architectural Excellence Award.
Pine & Flynn
Pine & Flynn is exemplary of a number of creative urban infill projects that Redstone has completed primarily in Burlington and Winooski, Vermont. These parcels tend to be small, around half of an acre in size, with zoning guidelines calling for dense infill development. Many have been completed in locations where mixed-use projects are ideal from an urban planning perspective. The project includes 30 apartments at 3,000 square feet of neighborhood scale commercial space. Pine & Flynn was completed June 2018 with all of the apartments in the building leased within 45 days of completion.
State Theatre Building
The State Theatre Building (also known as The Congress Building) in downtown Portland, Maine was acquired by Redstone and partners in 2015. The building was designed by Portland architect Herbert W. Rhodes and opened for the first time in November of 1929, not long after the catastrophic stock market crash of the same year. It was designed to be a creative combination of street level retail space along Congress and High Streets, upper story offices, and the namesake theatre. After going through a series of ups and downs, like most historic theatres from the same era, the State Theatre re-opened as performing arts venue focused on live music with 1,870 seats in 2010. In May of 2018, the historic theatre marquee was restored with assistance from the City of Portland. The building is home today to an eclectic mix of retail, office, art studios, and a wide variety of other commercial activity.