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| Rendering for planned redevelopment of Burlington Town Center, Downtown Burlington, VT |
BOSTON, MA, June 14, 2016
– Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been
retained to advise and raise the necessary financing for the redevelopment of Burlington Town Center, an enclosed
shopping center located directly on the Church Street pedestrian plaza in
downtown Burlington, Vermont.
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| Coleman Benedict |
The redevelopment will consist of more than
one million square feet of mixed-use space and provide much-needed housing,
revitalized street-accessible retail and Class A office space right in the
vibrant heart of downtown Burlington.
HFF was retained by
Devonwood Investors, a private real estate development firm with offices in New
York and Vermont. Devonwood has spent
more than two years engaging in a public process to reimagine the Burlington
Town Center property.
After numerous public and city council
hearings, Devonwood was recently awarded a 10-1 City Council vote to enter into
a Predevelopment Agreement with the City to facilitate the redevelopment. The Predevelopment Agreement has now been
executed by the City and Devonwood.
Burlington Town Center was
originally developed more than 40 years ago to provide a shopping destination
in downtown Burlington. More than 3.5
million annual visitors now come to Church Street in downtown Burlington.
The redevelopment will enhance the retail and
services through a revitalized enclosed and street-accessible building with
Class A office, residential housing and additional parking in a streetscape
environment that will improve access and “stickiness” to the area.
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| Porter Terry |
The retail portion of the
space will be expanded to 235,000 square feet and will include a retail podium
featuring restaurants, stores, cafes and service establishments facing outward
to drive organic foot traffic to the rest of the project and surrounding
area.
The proposed 325,000
square feet of Class A office space is likely to be 60 percent or more
preleased by major Vermont institutions and corporations, with one major
commitment for approximately 110,000 square feet already obtained.
Additionally, the
redevelopment will include 310,000 square feet of residential housing that will
include up to 274 market rate and affordable units.
Negotiations are being finalized with one of
the local colleges and universities on a master lease for student units.
The HFF debt and equity
placement teams representing the developer are led by senior managing director Coleman Benedict and director Porter Terry.
“The redevelopment of
Burlington Town Center presents a generational opportunity to participate with
a well-respected developer and operator to create an irreplaceable asset that
will become the centerpiece of Burlington’s vibrant downtown,” said Terry.
“The offices and
residences will be steps away from beautiful Lake Champlain and just a short
drive to the heart of the Green Mountains. The project will reinvigorate the
shopping experience of locals and visitors and introduce a true urban mixed-use
“live-work-play” environment that will be relevant for today’s downtown
Burlington.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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