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Burlington Community Land Trust
PO Box 523
179 South Winooski Avenue
Burlington, Vermont 05402
PRESS RELEASE
For Immediate Release
Date: May
10, 2005
Contact: Brenda
Torpy – Burlington Community Land Trust – Phone 862-6244
City’s Edge Condominiums Opens in South Burlington
South Burlington, VT – Vermont Governor Jim Douglas joined Burlington Community Land Trust, state and local officials, funders, and new residents to celebrate the grand opening of 60 condominiums at City’s Edge for homeowners with a wide range of incomes.
“We really have much to celebrate,” said Governor Jim Douglas. “City’s Edge represents a major step forward in the production of new housing that strengthens the local economy and supports community planning.” The State of Vermont provided $355,000 in funding through the Vermont Community Development Program (in collaboration with the City of South Burlington).
“For buyers wanting either market rate or affordable homeownership options, City’s Edge truly offers something for everyone,” said Brenda Torpy, Burlington Community Land Trust’s director. “These homes are located near the heart of a vibrant mixed use commercial area with excellent proximity to good schools, convenient shopping, and public transportation. City’s Edge Condominiums will be a successful community resource for years to come,” added Torpy.
Located just off Interstate 189 and Shelburne Road on Farrell Drive, City’s Edge sits in an ideal location for these new homes. The City of South Burlington took a leadership role in this affordable housing initiative. Jim Condos, South Burlington City Council Chair and State Senator representing Chittenden County in the Vermont legislature, said, “First and foremost, City’s Edge is a great example of creating neighborhoods, not developing projects.” Condos added, “This also represents another step forward for the City of South Burlington by significantly increasing the supply of high quality workforce housing – to put a real dent in the regional housing crisis.”
City’s Edge prices start as low as $115,000 for a 670 square foot affordably-priced home to $162,900 for a 1,110 square foot market rate home. The homes have many amenities including covered parking, air conditioning, and high efficiency heating systems.
Vermont Housing Finance Agency made a $125,000 pre-development loan and a $6.3 million construction loan, representing 95 percent of the project's value. City’s Edge is the first participant in VHFA’s new homeownership construction loan program for developers. VHFA’s commitment recognizes the need for this housing and the quality of the project. "VHFA was established 30 years ago to support just this type of affordable housing," said Sarah Carpenter, VHFA’s executive director. "Financial support for projects like City's Edge is a big part of our mission and our vision."
"The Vermont Housing and Conservation Board commends BCLT on this excellent public/private partnership which will provide affordable homeownership in an extraordinarily tight marketplace. BCLT is the first non-profit to tackle a homeownership development of this magnitude (60 homes)," said Gus Seelig, the Vermont Housing & Conservation Board executive director. VHCB made a $650,000 grant to help bring the cost of ownership within reach for 30 families at 80% of the area median income.
Private developers joined Burlington Community Land Trust in developing City’s Edge Condominiums. Eric Farrell and Dan Morrissey developed, permitted, and sold the property to BCLT. Wright and Morrissey served as the general contractor. Bill Desautels of Re/Max North provided his market and sales services very competitively, allowing BCLT to pass on this benefit in the form of better pricing on sale prices to all buyers, regardless of the type of condo purchased. Torpy noted these contributions, saying, “Because of the cooperation and generosity of our private partners, we are here today celebrating the completion of this important homeownership initiative.”
The total development cost of City’s Edge was $8.7 million. In addition to funding through Vermont Housing Finance Agency and the Vermont Housing & Conservation Board, the Neighborhood Reinvestment Corporation contributed $300,000 for the land purchase.
At today’s celebration, Neighborhood Reinvestment Corporation presented an award to Governor Douglas recognizing the success of Vermont’s innovative homeownership model.
Other funding for City’s Edge included a $10,000 from Wells Fargo Mortgage and $570,000 from seller financing and deferred developers’ fees as well as a $220,000 donation for the brick facade.
For information about City’s Edge, contact Amy Demetrowitz at the Burlington Community Land Trust, by phone at 862-6244.