Rouse properties has announced plans to enter into a joint venture agreement with Devonwood Investors in the transformation of an outdated Burlington, Vermont, mall into a mixed-use center. The deal is expected to be closed in the coming weeks.
Burlington Town Center, a traditional enclosed mall in the center of the state’s largest city, is to be converted into a modern apartment block including restaurants and an upgraded retail component.
Rouse’s involvement gives Devonwood a cash infusion that will bring it to the $225 million needed to proceed with the project. “This significant investment from Rouse is a testament to the strength of this redevelopment project,” said Porter Terry, Director at Holliday Fenoglio Fowler, the financing agent for the Burlington Town Center redevelopment.
In the making for years, Devonwood’s plan met with disapproval from members of the Burlington community who opposed the building height of the project. Design changes were implemented in 2015 and 2016 to address citizen’s concerns, and the City of Burlington approved plans that include:
- 131,994 sq. ft. of new retail space;
- 274 housing units;
- 210,831 sq. ft. of office space; and
- expanded parking areas and a solar roof canopy
“After years of public process and debate that have vastly improved the project, it is time to start rebuilding the core of our downtown for the benefit of all our residents,” said Burlington Mayor Miro Weinberger. “This transformative project is now on the cusp of replacing a dated and failing suburban mall with a vibrant mixed use neighborhood.”