Goddard College in Plainfield on June 22, 2023. File photo by Glenn Russell/VTDigger
In the latest twist since Goddard College closed last spring, college trustees have decided to enter into a purchase and sale agreement with Execusuite LLC, a property redevelopment firm based in Lebanon, New Hampshire.
In an announcement issued Monday morning, college trustees said the agreement “enables Goddard College to meet its financial obligations, ensuring timely payment to faculty and staff, settling debts with creditors, and providing a smooth transition for students.”
Goddard College closed because of declining enrollment, which caused “financial insolvency,” board members announced at the time. While around 1,900 students attended the institution in the 1970s, only 220 were enrolled during the most recent academic year.
Two sale agreements have already fallen through. The first deal collapsed in mid-July with a buyer the school wouldn’t name after drawing concern and criticism from community members. Then, in late September, another deal fell through with a community group called the Greatwood Project, which had planned to use the campus for “economic, housing, community and cultural development, educational innovation, and historic preservation,” the group said in a press release on July 31.
The college’s board of trustees called Execusuite “a local investor experienced in revitalizing Vermont properties” that is “committed to supporting the continued success of the Plainfield community.”
“The Board is pleased to have reached an agreement that not only fulfills our financial responsibilities but also holds the potential to contribute to the future revitalization of Plainfield,” Dan Hocoy, president of Goddard College, said in the trustees’ announcement.
Mike Davidson, owner of Execusuite, said in the announcement that the firm has a “strong track record of contributing to the renewal of communities across Vermont and New Hampshire, including White River Junction.”
In 2018, Davidson’s portfolio included 28 residential properties and roughly 198 rental units in Lebanon, White River Junction, Enfield and Hartland, along with a number of commercial properties, according to the Valley News.
“Our goal is to maintain the existing structures and collaborate with both the local and Goddard communities to find meaningful uses for all the buildings,” Davidson said in Monday’s announcement. “We’re aware of the local interest in the site and welcome opportunities to work with stakeholders to ensure the best possible outcome for the community.”
The announcement did not list the amount Execusuite has agreed to pay to purchase the property. Members of the board declined an interview request for this story. Davidson did not immediately return VTDigger’s request for comment.
Both purchase and sale agreements with the unnamed buyer and the Greatwood Project were for $3.4 million.
Kris Gruen, a member of the Greatwood Project, said in an interview that funders of the Greatwood Project backed out “after they realized the scope and scale of the amount of the restoration work that needed to happen for the campus.” The group tried to find new backers and “came close to putting together enough funding for a second competitive offer, but we didn’t get all the way there.”
“The Goddard board was very patient with us and very supportive, and Ken Macur, the CFO of Goddard, really worked extremely hard on this, trying to find a local group that could support the purchase,” Gruen said.
Gruen noted Davidson’s comments in the press release, and said he feels hopeful about the developer’s direction.
“They’re saying that they’re very interested in what the local community wanted to do, and they want to collaborate with those of us who have put together plans for the historic campus,” Gruen said. “If that is the case, we will be right there to assist and support that in any way we can.”
Read the story on VTDigger here: Trustees plan to sell Goddard College campus to New Hampshire developer .