Small, private colleges in the Northeast have had a tough time in recent years with declining enrollment and ensuing financial hardship, and several campuses have closed for good. One of those former campuses is getting a second life as a seniors housing community, an industry that is also currently undergoing hardship but that has a bright future for growth.
The College of St. Joseph in Rutland, Vermont shut down in 2019 and returned the campus to the bank, Heritage Family Credit Union. Several buyers were interested in the property, but Florida-based Heartland Communities rose above the rest and entered into a purchase and sale agreement for an undisclosed amount.
Heartland will redevelop the former Catholic liberal arts school into a 175-unit senior living community that will be affiliated with the Diocese of Vermont. It will offer independent living, assisted living and memory care services. Most of the buildings will be demolished, but the library building will remain somewhat intact and a dormitory building will be completely remodeled. About $50 million, or $285,000 per unit, will be spent on the project.
In addition, the Community Health Centers of the Rutland Region leased one of the existing buildings for a call center, administrative office and training facility, once a renovation has been completed. The City of Rutland also plans to purchase the college’s former gym and a portion of the parking lot and adjacent land to use as a recreation center.
It’s a pity to see these schools close, but at least another mission will be continued at the campus.
