Developer Eric Farrell is proposing to build 733 units of housing in 10 buildings. The project includes roughly 40,000 square feet of commercial space and 1,100 parking spaces on 33 acres and is expected to cost upward of $80 million, according to his permit application and other materials submitted to the city.
Approving the zoning changes was a requirement of a deal struck last year that allowed the city to purchase 12 acres sandwiched between the lake and proposed new development, including Texaco Beach, which will become a public park.
One zoning change creates a new district on part of the former Burlington College land that will allow nonresidential use. The other tweaks off-site parking requirements to allow spaces in one portion of the massive project to serve as off-site parking for another.
“The new zoning effectively balances the desire for preserving green space in the heart of our city, enhancing waterfront access for residents, and creating new homes for all income levels and ages,” said Mayor Miro Weinberger in a statement Tuesday.
The new neighborhood, which Farrell has dubbed Cambrian Rise, is expected to have 547 rental units, out of which 192 will be affordable housing — including some senior housing. In addition, 184 condominium units are expected to be for sale, of which 46 will be offered as affordable housing, according to documents provided to the city.
Housing developments in Burlington must include a percentage of affordable housing, which the city defines as costing 30 percent of the income of a household making 65 percent of the median household income for the region, or $1,000 a month for a one-bedroom apartment.
That calculation is based on the median income level for Burlington in 2015 and an assumption in the ordinance that a one-bedroom unit is rented by a household with the income of 1.5 people. Using those parameters, a 1.5-person household making 65 percent of the median income is earning just under $40,000 a year.
As part of its agreement with the city, Farrell’s company, BC Community Housing LLC, shall “endeavor, but not be obligated” to include so-called workforce housing, or housing affordable to middle-income people, defined as those making between 80 and 120 percent of median income.
Farrell’s proposal would place the for-sale condos in buildings farthest from North Avenue with unobstructed views of the lake. The affordable and senior rental housing will be built in two buildings on the southern half of the project.
Among the other amenities being considered are a fitness center and gymnasium, an off-leash dog park, community greenhouses and gardens, day care center and an outdoor space for vendors that could accommodate food trucks or a farmers market.
The plans also include a horseshoe-shaped network of streets, which would be deeded back to the city upon completion.
The affordable and senior housing will be built by Champlain Housing Trust and Cathedral Square. In a memo to city councilors, David White, director of planning and zoning, said it was important that the zoning amendment be approved at Monday’s meeting because the two nonprofits have “very time-sensitive” funding for their portions of the project.
Chris Donnelly, a spokesman for Champlain Housing Trust, said his organization faces deadlines to retain $6.8 million in federal low-income housing tax credits. Donnelly said the organization hopes to begin work on its portion of the project in July or August. Cathedral Square did not return a request for comment.
Farrell is applying for permits for the entire Cambrian Rise project all at once, but he recently told members of the Design Advisory Board that it could take as long as a decade for all 10 buildings to be completed.
Although both the Design Advisory Board and the Development Review Board have been informally reviewing the project since May, no formal board review is scheduled at this point, White said in an email Wednesday.
The design board will make recommendations to the DRB, which has final permit authority over projects in Burlington. Developers can appeal its decisions in court.
