Built Capital, Winooski VT

James McCoy

Built Capital – Winooski

 

The Woolen Mill is an old mill building that has been turned into a large apartment complex. In 1881, the mill was constructed next to a dam for timber and textile production. Part of the mill burned down in 1954, and it soon became a department and grocery store. In 1979, both of the stores were closed and the mill was transformed into loft-style apartments with approximately (The Woolen Mill, 2016).

This building, along with other mill buildings in Winooski, improve built capital. Permanent structures and infrastructure that allow community interactions remain built capital assets. Aside from interactions in the halls and parking lots, residents can often interact at the gym, pool, and events hosted by The Woolen Mill. Families, college students, young professionals, and retirees all share residence in this apartment complex. Ceilings in most apartments are about 15 feet tall and constructed from hard wood, and most of the outer walls are exposed brick (The Woolen Mill, 2016). Additionally, there are office spaces in part of the building that supply jobs to the community and assist workforce development. This site has been redeveloped many times, but ultimately it has been an important asset to the community. There are approximately 3,500 housing units in Winooski, VT (US Census Bureau, 2014). I am not sure exactly how many units are in The Woolen Mill, but as a current resident my best guess is approximately 250 units. With many apartments having two bedrooms, this building is responsible for a significant portion of Winooski’s housing. Although one bedroom apartments are available, the apartment I reside in has two bedrooms and a loft with rent at $2,000 a month. This comes to $24,000 annual rent. For this apartment to be considered “affordable housing”, an occupant must have an income of $72,000. In 2015, only 32% of Winooski’s population made over $72,000 annually; making this apartment unaffordable for most of the city (US Census Bureau, 2015).

 

References

“The Woolen Mill – History.” (2016) The Woolen Mill – Vermont’s Most Unique Apartments. Web. Retrieved on 8 Dec. 2016 from <http://www.woolen-mill.com/2009/07/a-history-lesson.html>

Bureau, U. C. (2014, 2015). Census.gov. Web. Retrieved on 7 Dec. 2016, from https://www.census.gov/

laurens-room

View from the apartment