The University of Vermont is entering into a joint venture with a development firm to create housing in South Burlington, Vt., for graduate students, faculty, and staff.
The university says the project, dubbed "Catamount Run," will create nearly 500 beds in 295 apartments, to be constructed in three phases in the newly developed South Burlington City Center.
The first phase will provide about 170 beds in 100 units, with a target occupancy of summer 2024. Phase 2 will add about 100 more beds in 65 apartments by summer of 2025, and phase 3 will create over 225 additional beds in 130 units to be completed in summer 2026.
The joint venture with the Snyder-Braverman firm enables the university to develop housing within a 1.5-mile radius of the University of Vermont's Burlington campus. The school will invest about $22 million, and the developer will be responsible for securing and owning all of the debt needed to finance the project.
The new housing will be within walking distance of the library, city hall and senior center structure that opened last summer, anchoring South Burlington’s new City Center development.
A proposed bicycle and pedestrian bridge over Interstate 89 in South Burlington will improve connectivity between the South Burlington housing and the University of Vermont campus.
The university also is exploring additional possibilities, both in South Burlington and Burlington, to build housing to meet other needs.