People’s United Bank Announces the Sale of its Two Burlington Square Vermont Location to Nedde Real Estate
Written by nereal on November 4, 2019
Building will be repurposed into a more modern VT headquarters for People United, and energy- efficient, affordable, market rate housing.
BURLINGTON, VT – People’s United Bank, N.A., a subsidiary of People’s United Financial, Inc. (NASDAQ: PBCT), announced the pending sale of its Two Burlington Square location in Burlington, Vermont to Nedde Real Estate. Built in 1970, the 95,000 square-foot building is located at the corner of Bank and Pine Street, and contains five floors of office space. People’s United Bank will continue to maintain its Vermont headquarters at the location, as well as drive-up banking services, a full-service branch and three floors of offices.
Nedde Real Estate will lead an extensive renovation of the property to ensure it is environmentally efficient and optimized to meet the current and future needs of Burlington, its residents and contribute to the advancement of the local economy.
Nedde Real Estate’s proposed vision would develop a portion of the building into approximately 50 affordable and market-rate apartments to bring much needed housing to the downtown core. Pending completion of design and permitting, the renovation project is expected to break-ground during the spring of 2020.