GVS is now part of Acquia.
The Hyperlocal News installation profile is an "internal project" for some of the folks at GVS. Profiles are ways to bundle together Drupal, some contributed modules, and the configuration necessary to make the site actually do something cool. Users are presented with an wizard that sets up their site and does all the configuration necessary to get something to work.
History of the site: Denver's Baker Neigborhood
We originally built this as just a site for us to write about our local neighborhood: Bakernow.com. You can also see it in work on Ice Cream Denver
Releasing the code: thanks Ryan Ornelas
We were contacted about the site by Ryan Ornelas who wanted to use it himself. Ryan was kind enough to sponsor our work releasing the site as an install profile so that not only he but everyone could use it.
Available on Drupal.org
Now the code is available as the hyperlocalnews project on drupal.org where people can download it for free, get support, provide ideas in the issue queue, and provide improvements in the form of patches.
Case study
We have written an in-depth case study of the BakerNow site implementation.