The University of Vermont (UVM) in Burlington has announced its intention to partner with AAM 15 Management LLC to build undergraduate housing on the east side of its main campus.
A letter of intent was signed Aug. 14 by UVM and AAM 15, an independent private equity hotel investment and management company based in Burlington, Mass.
The new development, Catamount Woods, will accommodate approximately 540 undergraduate students in apartments near the southern edge of Centennial Woods. UVM already leases the property to AAM 15, owners of the neighboring DoubleTree Hotel, for use as a parking lot.
"Building new housing is a top priority for the university," explained UVM President Suresh Garimella. "Catamount Woods will provide another attractive residential option for hundreds of our upper-level undergraduate students, offering them an opportunity to live on campus and enhancing the vibrancy of our community."
UVM's Board of Trustees approved a resolution to authorize the partnership with AAM 15 for the purpose of building the new student housing. The details of the agreement are still being finalized, the university noted in a news release, but the project is expected to cost about $100 million. The school's investment would represent roughly a quarter of the total project cost.
"We could not be more excited by the opportunity Catamount Woods provides to add to the housing capacity on our campus," said Ron Lumbra, chair of the UVM Board of Trustees. "Our ability to move forward with this project in a financially responsible way will yield significant benefits for UVM students and the university's neighbors. We're all very pleased at this outcome."
Barring any delays, the two parties hope to begin the permitting process immediately with the goal of breaking ground in early 2024. UVM hopes to have the building ready for occupancy in time for the fall semester in 2025.
Proposed Construction Just the Latest Student Housing Effort
The Catamount Woods project is a continuation of the university's commitment to providing more living space for its students, faculty and staff to help address the housing shortage in the area and the state, according to UVM.
Another housing complex for UVM graduate students and employees, Catamount Run, began construction last March in South Burlington as part of the university's partnership with The Braverman Co., in Burlington, and Shelburne-based Snyder Homes.
Catamount Run will add more than 550 total beds — primarily for graduate students, faculty and staff — to UVM's housing options. Phase I of the project involved the completion of roughly half the units (well over 250 beds) by this summer, with the additional units being finished and ready for occupancy by fall 2025.
Located minutes from UVM's main campus, Catamount Run is going up in one of northern Vermont's most thriving development areas. Since its designation as a new town center for the area in 2010, City Center has been transformed by the addition of significant housing options, a new public library and city hall, a public park and recreational path, and multiple shared-use indoor and outdoor spaces.
UVM noted in its news release that Catamount Run should also prove to be an especially attractive housing option due to its clean, modern living environment and proximity to the university, public transportation, grocery shopping, retail stores, restaurants and other amenities.
"Our graduate students have been asking for this type of housing for years, and we are thrilled to follow through on delivering it," said Cynthia Forehand, UVM's Dean of the Graduate College.
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