BURLINGTON, Vt. (WCAX) – CityPlace developers on Thursday fleshed out details of a deal they say will include the addition of two hotels to the ambitious project. They say it’s the last major puzzle piece to secure financing for the long-delayed, multi-million project in the heart of downtown Burlington.
CityPlace continues to rise, defining the skyline of Burlington. And with the addition of two hotels — and a new partnership with a Massachusetts-based partner — financing for the whole project is finally coming into place.
“We brought in some strong partners. We really feel that we’re all like-minded. We all have the same energy and passion for this and so we’re real happy with it,” said Dave Farrington, one of the project’s three local developers.
The mixed-use project will now include a maximum of 350 total hotel units and a minimum of 350 housing units, fewer than originally planned. “We were permitted for up to 422 housing units and now we’re saying it’d be no less than 350 housing units. So, that’s 70 units. But if we didn’t bring in this hotel component, that’d be zero units,” Farrington said. He says soaring interest rates, high construction costs, and an uncertain lending environment forced them to pivot. He says having the diversity of hotels helped seal the deal after the local team worked for years to figure out the final piece of the puzzle.
“That pride, that courage took us through this, and I think we’re just really excited to be part of this project,” said Ash Sangani with Giri Hotels
The project is separated into two buildings — the North and South Towers. The South Tower will have a lobby and five floors of the hotel, then market-rate housing on the top floors. The North Tower will have 70 units of affordable housing under the city’s inclusionary zoning and a second hotel.
“Today, after years of hard work, adversity, and perseverance, we can finally say with confidence that this daring and worthy effort will succeed. Behind me stands the largest building ever constructed in the state of Vermont,” said Burlington Mayor Miro Weinberger.
The CityPlace partners are also asking for a six-month extension — to the summer of 2026 — to reconnect St. Paul and Pine Streets. The City Council is expected to consider the changes Monday.
The mayor Thursday also showed off conceptual renderings for the next phase of Moran Frame, which includes a skating ribbon and accessible paths. He says fundraising is needed before any of it becomes a reality.
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