Rouse Properties, Devonwood Investors to Redevelop Burlington Town Center in Vermont
BURLINGTON, VT. — Rouse Properties has formed a joint venture with Devonwood Investors LLC, owner of Burlington Town Center, to redevelop the retail property into a mixed-use development with apartments, retail, restaurants and offices. The joint venture is expected to close on the property in the next few weeks and will then begin construction on the project, which is expected to cost $225 million. HFF’s Porter Terry arranged the redevelopment financing. The project has received zoning approval from the Burlington Development Review Board. Groundbreaking is expected in mid-2017, with the project completed in phases over three years.