Architectural renderings of the proposed Catamount Run housing project for UVM graduate students, faculty and staff. This rendering is only representative and is an example of what the proposed project might look like. (Provided by Snyder-Braverman)
Vermont Business Magazine The University of Vermont announced today that it has partnered with Snyder-Braverman, a local development firm, to create much-needed housing for UVM graduate students, faculty and staff living in the newly developed South Burlington City Center.
About 500 beds in 295 apartments will be built on three levels. The first phase will produce 170 beds in 100 units, with occupancy in the summer of 2024. Phase 2 will add about 100 additional beds in 65 apartments by the summer of 2025, and Phase 3 will create more than 225 beds in 130 units. Completed by summer 2026.
“This initiative will increase access to housing near campus, primarily for students in our graduate and professional programs and the talented workers we attract to UVM and the greater Burlington area,” said UVM President Suresh Garimella. “The university expects this project to help address the housing shortage that poses real challenges to nearby communities.”
Garimella said the new residence will directly benefit members of the UVM community. “I regularly hear from students, staff and faculty about the difficulty of finding suitable housing,” he said. “Many of them are returning to remote and distant communities. Their long commuting distances come with challenges to childcare, quality of life and the environment.
The joint venture allows the university to take advantage of a rare opportunity to develop housing within a 1.5-mile radius of campus. Under the agreement with Snyder-Braverman, UVM will invest approximately $22 million, and the developer will assume ownership and security of all debt needed to finance the entire project. The deal calls for UVM to earn a return on its investment and recoup the original equity payment after 10 years. UVM trustees approved the joint venture last month.
The new residences will be built at the corner of Market and Garden streets, within walking distance of the library, city hall and the senior center structure that opened last summer, forming South Burlington’s new downtown development.
The project, known as Catamount Run, will also be near Trader Joe’s and the Healthy Living Market and Cafe. Ease of access will be made easier with the completion of the garden from the retail area to Market Street.
Connectivity between South Burlington and the UVM campus will be greatly improved with a proposed pedestrian and bicycle bridge over Interstate 89. The city of South Burlington was awarded a $9.7 million federal transportation grant for the project. Bus service runs to and from the main UVM campus.
The university is exploring additional options in South Burlington and Burlington to build housing to meet other needs, including undergraduate students. For example, UVM is pursuing zoning amendments with the city of Burlington that would allow for more student housing to be built on the Trinity campus.
About the University of Vermont
Since 1791, the University of Vermont has worked to advance humanity. UVM’s strengths align with the most pressing needs of our time: the health of our communities and the health of our environment. Our size—sufficient to offer a broad range of ideas, resources, and opportunities yet to enable close faculty-student mentoring at all levels of study—allows us to pursue these interrelated issues through interdisciplinary research and collaboration. Providing an unparalleled educational experience for our students and ensuring their success are at the core of what we do. As one of the nation’s first land-grant universities, UVM advances Vermont and the wider community through the acquisition and application of new knowledge.
UVM is derived from the Latin Universitas Viridis Montis (University of the Green Mountains in English).
Burlington, VT – University of Vermont 9.6.2022.
