BURLINGTON, Vt. (AP) - Fifty new apartments are coming to downtown Burlington, Vermont.
The apartments, both market rate and affordable, will be available in studio, one-bedroom and two-bedroom versions in a partnership between People’s United Bank and Doug Nedde Real Estate.
The Burlington Free Press reports the bank sold its 95,000-square-foot building at the corner of Bank and Pine streets to Nedde for an undisclosed amount.
The city assesses the value of the building at $5.9 million.
Nedde said he didn’t yet know what the rents would be for the apartments.
People’s United Bank will keep its Vermont headquarters in the northern section of the building.
Nedde said construction will start next spring and be completed by 2021.
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Information from: The Burlington Free Press, http://www.burlingtonfreepress.com
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