Project Description 

 

The new owners of the recently acquired former Bancroft Inn in Plainfield, intend to rehabilitate and restore the historic property to create 12 units of mixed income rental housing. The development intends to replace many of the rental units that were lost in the flooding events in 2023 and 2024, in Plainfield and the surrounding community.

 

Execusuite LLC purchased the 8,800 square foot historic property in June, 2025, for $400,000. Mike Davidson, who owns Execusuite, also recently purchased the 117-acre former Goddard College, where plans are underway to grow a creative hub and performing arts center called The Creative Campus at Goddard. Davidson and his affiliated companies acquired more than a dozen deteriorated historic properties in downtown White River Junction which helped trigger and sustain that town's recent revitalization.

 

Execusuite's purchase of 15 School Street, which has been partially vacant, underutilized and a general state of disrepair, is a testament to the company's commitment to restoring vitality to Plainfield. Goddard has dozens of buildings and many thousands of square feet of space, some of which will require significant investment. Restoring the Bancroft Inn to its former luster, and by creating new code-compliant rental units, will help fill a critical need during a state-wide and local housing crisis.

 

Financing

The project is requesting $2,000,000 of CDBG-DR funds, which will contribute to an anticipated total development cost of $4,000,000. The remainder of the funds will be owner's equity and mortgage debt. Additional resources will be considered, such as Historic Preservation Tax Credits, but only to the extent that they can be approved quickly and do not slow an aggressive development pipeline.

 

Construction Experience

Execusuite has developed dozens of buildings, many severely deteriorated and many with significant historic value. Years of construction experience and working with a variety of development teams in multiple state positions Execusuite team for success in getting units completed and rented quickly.

 

Speed of Rehabilitation

The Execusuite team has been very effective in rehabilitating units quickly and getting restored properties rented. Ledgeworks, Davidson's management company, manages XX rental properties in XX buildings. This management experience will allow for a speedy lease-up. Execusuite plans to use an outside company to process income certifications for residents to maintain ongoing compliance.

 

Relocation

There are currently four existing renters residing in the property, who are subject to assistance and protection under the Uniform Relocation Act (URA). While no decision has been made about the need to relocate current residents while under construction, General Information Notices are being sent to all residents simultaneously with the submission of this application, and a draft Relocation Plan has been started.

 

Public/Private Partnership

Execusuite's proposed development plan calls for $2 million of the $4 million total development cost to come from private sources -- either bank financing or an owner's equity contribution. CDBG-DR funds will be used to build out seven units which will be restricted to households earning less than 80% of AMI. The other five units in the building will be built out using other funds, and will be available to rent on the open market, without restrictions.

 

This model represents significant risk for Execusuite, which could compete for other resources to complete the building, such as Low Income Housing Tax Credits. Given the current state of housing development and finance in Vermont, with resources shrinking and future subsidies uncertain, Execusuite is proposing a mixed income development that uses government resources for part of the development and private financing for the remainder.

 

In this time of uncertainty around the prices of construction material and the uncertain labor market for construction, new approaches are needed. Execusuite is willing to take on the risk to create a mixed income development that will replace many of the units lost in Plainfield in recent years, most notably due to DR-4720.