[D]on Sinex, the controversial developer of the CityPlace mall and housing complex in Burlington, is selling his home in Rutland.
He has listed his five-bedroom home on 10 acres on Abbey Lane with Four Seasons Sotheby’s International Realty for $2.225 million.
Sinex said in an email that he is selling the estate to move closer to Burlington because he’s sick of his daily commute from Rutland to Burlington.
The drive is a “terrible one and a half hours each way,” Sinex said, but he travels to Burlington every day “because I am so dedicated (to the project).”
CityPlace has been a fraught project for Burlington and Sinex. Construction of the $242 million, 14-story mixed-use development with 300 housing units, office space, retail stores and restaurants was to begin this fall, but it’s been held up by a dispute between Sinex and the contractor, PC Construction, and a delay in financing. As a result, construction won’t start until spring.
Sinex’s home is worth $1.083 million on the grand list. It features a 3,500-square-foot entertainment barn with a full-sized bar and pool room, a kitchen cabana and a private movie theater. The property has an in-ground swimming pool with a hot tub, and a tennis court. There are granite pillars at the front entrance, marble countertops inside and marble-faced fireplaces.
“He’s made a lot of improvements there,” said Rutland lister Howard Burgess.
Sinex bought his house for $565,000 in 1997, according to property records. Sinex, who owns the New York-based Devonwood Investors, said he’s spent four times the cost of the original purchase price in upgrades.
Sinex has used the property for family gatherings and retreats from New York City.
“It’s difficult to sell. I have poured so much into it with renovations, new buildings and amenities but it is the right decision,” he said.
It’s been listed for sale since July with Freddie Ann Bohlig, a realtor of Four Seasons Sotheby’s International Realty.
Sinex said the sale would likely take time.
Meanwhile, the CityPlace project has frustrated the Burlington City Council and community members. The project, which has yet to break ground, was expected to be completed by January 2019. Devonwood tore down Burlington City Mall to make way for the new development last summer and the site, which is surrounded by chain-link fence, has sat empty since.
“It’s potentially one of the most valuable pieces of property in all of Vermont,” said Burlington City Council member Adam Roof. “If we get it done the right way, it will add a lot of value.”
The City Council held an executive session two weeks ago to discuss CityPlace strategies moving forward. City Council President Kurt Wright declined to give details about the strategies, but said information would be released to the public soon.
“All I can say right now is the project is critical to downtown Burlington and we are still very hopeful the project will go forward,” Wright said.
Sinex anticipates the Burlington development will take another five or seven years to complete. He said the delays have been caused by market challenges and difficulty securing financing.
“I am closing in on the financing now,” he said.
Sinex said he was “fully committed to the project,” and he and Brookfield Asset Management, a part owner in the project, “intend to deliver a fantastic project that will reap construction, economic, environmental and employment gains.”
The project is “driven by passion as well as a strong and real desire to improve our little corner of the world,” Sinex said.
