Plainfield Inn Restoration Gets Lift from Disaster Recovery Funds
The new owner of the former Goddard campus also recently acquired the historic Plainfield Inn, the 8,800 square foot former hotel and ballroom in the Village of Plainfield. The project applied for and was awarded disaster recovery funds through the Community Development Block Grant (CDBG) Program.
The Plainfield Inn, also formerly known as the Bancroft Inn, is part of the Plainfield Historic District, and still maintains many of its historic features. The property has been largely vacant in recent years and currently includes a small number of rental units. The previous owner operated an antique business there before selling to Mike Davidson's Execusuite company in 2025.
Davidson's plan for the property includes significant upgrades to plumbing, heating and electrical systems, and the creation of a total of 15 rental apartments, including full rehab of the existing units. The conditional commitment for $2 million of CDBG-DR funds will be part of a $4.5 million total development budget, of which Davidson will invest significant private resources. The project intends to make use of the federal rehabilitation tax credit, which provides a credit for portion of the construction costs for historic properties. Half of the units will be restricted for households that earn less than 80% of the area median income.
"The Plainfield Inn is one of the most important buildings in the Plainfield Historic District," said Kristie Farnham, president of the Plainfield Historical Society. "We're very excited that Mike Davidson intends to invest resources to restore the building, while also helping to fill our urgent need for rental housing in town," she said.
"New housing is important for Plainfield, and we're glad to be bringing that to town," said Mike Davidson, who has been credited with helping spur a dramatic turnaround in White River Junction, by investing in historic properties. "We're not so much developers as we are "re-developers," so this building is perfect for our team. The investment of CDBG-DR funds will help us get these units up and running quickly and we're grateful for having been chosen for these very competitive funds," he said.
Kris Gruen is the director of Thew Creative Campus at Goddard, the nonprofit organization that operates on the campus and is leading revitalization efforts. "We're building a wide range of creative programs and services and as people are attracted to the area, there will need to be a place for them to live. More rental housing at a range of rents really helps what we're trying to create here on campus," he said.
The Execusuite team is currently working on required due diligence and hopes to begin construction this summer.
CDBG-DR Application
Plainfield Inn Historic Restoration Project
Execusuite, LLC, the owner of the former Plainfield Inn (aka Bancroft Inn) intends to request $2,000,000 of CDBG-DR funding through Vermont Community Development Program toward the restoration of the building and creation of a total of 12 rental units, of which seven will be for households earning less than 80% of AMI, and five rented at market rate.
The current draft of the application may be viewed here. A final application will be submitted on September 30, 2025.
Please send feedback, comments and questions to: info@thecreativecampus.org
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.