BURLINGTON — A massive lakefront housing development on the former Burlington College campus received approval from the city’s Development Review Board this week.
The project, dubbed Cambrian Rise by developer Eric Farrell, would include 733 condominiums and apartments in 10 buildings. The development 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 the permit application and other materials submitted to the city.
“I am pleased that the Cambrian Rise project has secured DRB approval, reaching a significant milestone in the effort to achieve many of the city’s long-term goals for this important site,” said Mayor Miro Weinberger in a statement Wednesday.
Those goals include preserving open space and public access to the waterfront — Farrell sold the city 12 acres for a public park that includes Texaco Beach — creating housing for a range of ages and income levels, and “developing a vibrant new neighborhood” close to downtown.
“It is encouraging to see our efforts to increase investment in Burlington housing, parks and other public infrastructure gathering momentum,” Weinberger added.
The project still needs state environmental approval through the Act 250 process before construction can begin.