[B]URLINGTON — The developers of a major downtown project are buying the Macy’s building that borders the site.
Burlington Town Center co-owner Don Sinex confirmed the sale to VTDigger on Tuesday; news of the deal was first reported by The Burlington Free Press. Crews have begun tearing down the aging mall that Sinex and partner Rouse Properties will replace with offices, commercial space, apartments and other facilities in the $225 million redevelopment.
Macy’s announced this month that it’s closing its Burlington store, which is one of the Town Center’s anchor tenants. The store has about 65 employees and is roughly 150,000 square feet. The move is part of a larger company plan to close 100 stores nationwide, company spokesperson Emily Hawkins said last week.
Sinex is providing few details about the sale, including the price and what will be done with the property. The building is worth about $11 million, according to the city’s grand list.
“Rouse and I have the Macy’s store site under firm contract and we will be closing shortly,” Sinex said.
The Town Center project will include a mix of retail and office space, apartments, a 925-space parking garage and a day care center. It will also reconnect the separate segments of Pine and St. Paul streets and include new trees and other streetscape improvements. The 274 residential units will be a mix of market-rate and affordable housing.
Completion is projected for 2021, with the first phase — including the reconnection of Pine and St. Paul streets — being done by 2019.
