Updated at 5:32 p.m.
The University of Vermont plans to add nearly 500 beds of housing in South Burlington’s City Center over the next four years, the school announced Monday.
School trustees signed a joint venture agreement last month with local development company Snyder-Braverman to construct 295 apartments, according to a press release from UVM. They will “primarily” house students in the school’s graduate and professional programs and university employees.
Under the agreement, the university would invest approximately $22 million and the developer would be responsible for securing and owning all of the debt needed to finance the project. UVM expects to earn a return on its investment and recoup the initial equity payment after 10 years, the school said.
The proposal is subject to a city permitting process.
The announcement comes as the state faces a serious housing crunch. UVM President Suresh Garimella said he regularly hears from students, staff and faculty about the difficulty of finding suitable housing and hopes this project will help ease the burden on surrounding neighborhoods.
“Many are turning to communities farther and farther away. Their longer commuting distances come with complications for childcare, quality of life, and the environment,” Garimella said in the release.
The first phase is projected to create about 170 beds in 100 units with expected occupancy in summer 2024. The second phase would add about 100 beds in 65 apartments by the summer of 2025. By the summer of 2026, UVM plans to have constructed the remaining 130 units with 225 beds.
UVM currently has 5,775 beds of residential housing available for undergraduate students, 647 beds for undergraduate and graduate students through external partnerships and 164 beds for faculty and staff. Current enrollment numbers are not available but during the fall of 2021, the school had 13,826 students (11,081 of them undergraduates) and 4,192 employees, according to spokesperson Enrique Corredera.
Catamount Run, as the development is being called, would consist of four mixed-use buildings on Market Street, adjacent to the public library, senior center and City Hall that opened last summer, anchoring South Burlington’s City Center neighborhood. “It’s a strong location, close to UVM, and within a short walk to some great local businesses,” said Chris Snyder, president of Snyder Homes, in a statement.
Local bus service is already in place and a planned bridge over Interstate 89 for cyclists and pedestrians is expected to further improve connectivity to the UVM campus in Burlington.
“We are excited to see UVM make this commitment to South Burlington,” said Jessie Baker, South Burlington’s city manager. “Our community has envisioned a downtown, oriented around Market and Garden Streets, in our City Center for several decades. The vibrancy that UVM’s graduate students and faculty will bring to our community helps to realize this community goal.”
Baker said the city has successfully worked with Snyder-Braverman on other projects. Although this one has yet to go through the permitting process, the developer is familiar with code requirements. “We are confident they will meet our community expectations as set forth in the zoning and our value of interesting architecture,” she said.
Synder-Braverman is a partnership between Snyder Homes, which builds housing, and The Braverman Company, which designs and develops residential and mixed-use neighborhoods.
This is UVM’s first housing project outside the Burlington campus. The administration is open to exploring other communities as well, although proximity is an important factor, said Richard Cate, UVM’s vice president for finance and operations.
Cate said the development would create “a lot of housing without exhausting UVM resources.”
“We’re trying to make sure we keep our students’ education affordable so we’re always trying to be creative in terms of trying to address the need without spending a great deal of money,” he said.
UVM is also exploring other possibilities for student housing in Burlington and South Burlington. In Burlington it is pursuing zoning changes to build two residence halls, one for undergraduates and one for graduates, on its Trinity Campus.