By Logan Wells, News Director | Logan@kymnradio.net
Rebound Partners announced last week that the current redevelopment plans for the Archer House site in downtown Northfield are not financially viable at this time. According to a statement emailed to KYMN by Rebound, the project has faced several challenges in securing financing:
“Our team has dedicated significant time, effort, and resources to creating a project that honors the Archer House’s legacy and contributes to the vibrancy of downtown Northfield and the community. Unfortunately, the financial realities and economic uncertainties have made the current plan unworkable. We’re extremely disappointed with this outcome at this time, but we will continue until we find a result that works,” said Brett Reese of Rebound Partners in the statement.
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Among the different challenges they cited are: navigating the city/historical processes, securing a financial partner, rising interest rates, inflation, and the escalating construction costs.
Additional Stories About the Archer House
TIF District For Archer Project Approved in November; Clears The Way For Construction in Spring 2025 (December 11th, 2024)
Archer Project ‘almost there’ (11/13/2023)
Historic Preservation Commission asks for changes to the Archer design (11/3/2023)
Developers unveil revised designs for new Archer project (9/8/2023)
Fire Marshall finds cause of Archer House fire was employee error due to lack of training (2/4/2022)
Archer House comes down (1/20/2022)
HPC okays Archer House demolition (11/18/2021)
Rebound said they were interested in continuing to find a way forward and are exploring alternative concepts. The options listed included changing the scope of the project, selling the land to a different developer, or holding the land until market conditions improve.
“We continue to believe in the importance of this site and its significance in Northfield’s In the future, we look forward to working with local stakeholders to identify a solution that brings a financially feasible project to life for our community.” Chris Kennelly of Rebound added.
Originally built in 1877, the Archer House would go on to be one of Northfield’s most notable landmarks for nearly a century and a half. Before it burned down in November 2020, the building served as a hotel, space for several shops, and three restaurants.
Learn more about the History of the Archer House from the Northfield History Center
Read the press release from Rebound Partners Here
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