“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.
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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.
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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.
