VT AFL-CIO, VT Building & Construction Trades Council, & Devonwood Pursue $175 Million Burlington CityPlace Partnership
9/21/20, Burlington, Vermont – For the last six weeks, the Vermont AFL-CIO and the Vermont Building & Construction Trades Council of the AFL-CIO have been in active discussions with CityPlace developer, Devonwood to formalize a partnership for phase 1 of the Burlington project. Partnership talks have included the Washington DC based National AFL-CIO Housing Investment Trust (HIT). HIT acts as a financer for major affordable housing projects across the United States. HIT expressed an interest in the project pending approval from HUD. Devonwood is now working with a HIT recommended Mortgage Banker who will assist Devonwood in navigating the HUD process. Once HUD backing is secured, and pending the National AFL-CIO Housing Investment Trust commitment to financing the project, the final development agreement would guarantee that all construction jobs on the CityPlace project be union jobs. The CityPlace project, in its present form, is projected to create 89 affordable housing units (20% of the total), 300-400 construction jobs, with 500,000 labor hours. CityPlace shall also be constructed with strong energy efficiency standards (LEED Gold standard). Phase 1 of the project is estimated to cost $175 million to complete.
