FOR IMMEDIATE RELEASE: August 7, 2025
[Burlington, Vermont] – Officials gathered Thursday afternoon to mark the beginning of construction of 40 new permanently affordable apartments at Cambrian Rise, a new, mixed income neighborhood, situated between Burlington’s Old North End and New North End. The new building, 100 Cambrian Way, is being developed by Champlain Housing Trust (CHT) and Evernorth.
“Ensuring our community has ample safe and affordable housing is a top priority for my administration,” said Burlington Mayor Emma Mulvaney-Stanak. “This project is another example of the strong partnership between the City of Burlington, Champlain Housing Trust and Evernorth, and our ability to leverage local resources to build more affordable housing.”
The 40 new apartments at 100 Cambrian Way are the third affordable housing built on the site – Laurentide Apartments, with 72 apartments was completed in 2019 by CHT and Evernorth, and Cathedral Square’s Juniper House has 70 apartments with services for seniors. A fourth building is forthcoming: next to 100 Cambrian Rise, CHT’s Shale Beach Condominiums will bring 30 permanently affordable condos to the neighborhood, offering homeownership opportunity at a fraction of the sales prices of newly built homes in the neighborhood.
All told, that means that over 210 homes will always be affordable in the neighborhood.
“Vermont’s housing shortage is driving up inflation, pricing Vermonters out of their homes and onto the streets,” said Treasurer Pieciak. “Our office is proud to invest in housing development like Cambrian Rise which will strengthen Burlington’s economic future and creating life-changing opportunities for workers and families.”
Rents at 100 Cambrian Way are expected to average $1,325 for a one-bedroom, $1,530 for a two-bedroom, and $1,840 for a three-bedroom apartment. The range of bedroom sizes and varying rent levels – and the inclusion of 10 housing vouchers from the Burlington Housing Authority – will result in serving a variety of needs, including setting aside eight apartments for people exiting homelessness.
“The average wait time for an apartment with Champlain Housing Trust continues to be well over a year, in fact, 14 months,” said Michael Monte, CEO of the housing trust. “While it is important to celebrate the construction of these homes – which will be permanently affordable and a lasting asset to the community – we know we must continue to press to build more.”
Funding for the development came from 14 different sources totaling $23.8 million, including an anonymous $1 million charitable gift from a donor who has been motivated to address the homelessness challenges in Burlington. Other sources include:
- -Federal and state tax credits through the Vermont Housing Finance Agency provided about a third of the overall budget, and VHFA also administered below-market financing;
- The City of Burlington committed almost $3 million from four sources of funds; and
- Vermont Housing and Conservation Board committed about $8.8 million from both State and Federal funds.
“100 Cambrian Way is a great example of how affordable housing can also prioritize climate solutions and other community needs,” says Kathy Beyer, Senior Vice President, Real Estate Development at Evernorth. “For 100 Cambrian Way, we made choices in the context of the climate crisis and the housing crisis to achieve equitable and sustainable outcomes on behalf of the entire community. Our geothermal system and rooftop solar array mean we are creating 40 permanently affordable homes without using any additional fossil fuels.”
Wright and Morrissey are the general contractors for the development, which was designed by Duncan Wisniewski Architecture. Eric Farrell is the master developer of the neighborhood.
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