The last piece of the puzzle to redevelop Burlington’s TD bank block has been set in place with the start of construction of a 139-room hotel and parking garage. The project will benefit from favorable financing provided by Housing Vermont’s New Markets Tax Credit Program.
The project will redevelop the Armory building (at one time, the location of Hunt’s Bar) which was substantially damaged in a 2003 fire to serve as an entrance, lobby, café/bar and public space for the hotel. In addition, about 5,400 square feet will be available for retail or restaurant use.
A 4-story, 81,150 square foot hotel will connect to the Armory building featuring a restaurant, meeting rooms, fitness center, swimming pool and on-site parking. The hotel will be operated by Maine Course Hospitality Group under the flag of the Hilton Garden Inns.
“This project will bring immediate and long term benefits to Burlington,” said Housing Vermont President Nancy Owens. “It will produce about 200 temporary construction jobs and create 80 new, permanent jobs. In addition, the project developers will promote workforce development and job training opportunities by working with the Chittenden County Food Shelf, COTS, and other community nonprofits,” Owens said.
Vermont Rural Ventures, HV’s New Market Tax Credits (NMTC) affiliate is providing a total of $33 million in below market financing through the use of federal New Markets Tax Credits. Participating lenders and investors include US Bancorp, Mascoma Savings Bank, Bank of New Hampshire and VEDA.
Construction began in early June and will be completed in November 2014.