The City of Montpelier is building a multi-modal transit center at One Taylor Street on what is currently a state parking lot. The transit center will occupy the first floor of the new building. What to put on the upper floors will be the topic of a City Council public hearing Wednesday.
At the same meeting, the City Council will hear from Richard Heaps, author of a report that outlines the economic impact of three possibilities for the upper floors of One Taylor Street: an office complex, a hotel and residential apartments.
More specifically, the report compares the projected economic impacts of 21,200 square feet of office space, a 50,600 square foot hotel with 80 rooms and a 36,400 square foot apartment complex with 41 housing units. It looks at the number of jobs created, wages paid, population impact, taxable retail spending and restaurant spending. The City Assessor has also compiled property tax projections for those three possible uses.
The City Council will take public comment on Wednesday night. The Council is expected to make a decision about how to develop the upper floors of One Taylor Street at its meeting on July 9.
