Sterling College has listed its Craftsbury Common campus on the open real estate market this June, following the graduation of its final class in May.
The move creates uncertainty for local community groups hoping to purchase the property.
The institution is using a solicitation of offers process, with bids due by July 20.
This decision comes despite two previous purchase offers from The Headwaters Land Trust, a local nonprofit funded by philanthropic donors.
The Headwaters Land Trust aims to acquire the campus to establish housing, expand a local childcare center, and maintain the existing working farm for agricultural use.
However, college trustees noted a significant cash deficit between the trust's bids and the institution's financial obligations.
Linda Ramsdell, board president of The Headwaters Land Trust, explained that multiple community organizations and businesses mobilized immediately after the closure announcement.
“This campus is the heart of Craftsbury Common, and that was really concerning to everyone in the community,” she said.
The board of trustees addressed the financial discrepancy in a letter to the college community on May 11.
“All along, we have been hopeful that a sale to Headwaters Community Trust will allow Sterling to retire its liabilities, preserve the campus for the Craftsbury community and provide a place for future Sterling educational activities to thrive,” the trustees wrote.
The trustees explained that bypassing the open market would require a single buyer to fully cover all outstanding debts.
“To sell the campus to a single buyer and avoid placing the property on the open market, the sale price would need to fully satisfy all of Sterling's liabilities.
At this time, there remains a significant cash gap between the Headwaters' offers and the College's obligations,” the letter continued.
Ramsdell expressed ongoing apprehension about the competitive bidding structure. “We are concerned.
An open market process certainly creates a degree of uncertainty that is uncomfortable,” she said. She noted that redevelopment will require an extended timeline.
Sterling College is part of a broader trend of small college closures across Vermont, including institutions in Marlboro, Bennington, Burlington, Poultney, Rutland, and Plainfield.
These towns are experiencing varied outcomes in campus redevelopment.
In Bennington, plans to convert the former Southern Vermont College campus into a luxury resort have stalled due to local opposition.
During a recent Development Review Board meeting, resident Michelle Alexander advocated for increased public dialogue regarding the 371-acre property.
“It's important, this property, to the town of Bennington,” Alexander said. “I would say, 'Take a pause.
Have some more public involvement.'”
Other former campuses face different trajectories.
In Poultney, entrepreneur Raj Bhakta abandoned plans for the former Green Mountain College campus following a tax dispute and intends to sell or donate it.
The former Goddard College campus in Plainfield was acquired by a property firm in 2024.
Meanwhile, Burlington College was successfully converted into housing, the College of St. Joseph became a corporate training center, and Marlboro College was acquired by the Marlboro Music Festival.
