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Winooski approves $5,250 deposit, purchase terms and option to Champlain Housing Trust for former armory site
Summary
Council authorized a refundable 1% deposit and approved a purchase-and-sale with the Vermont National Guard and an option agreement with Champlain Housing Trust to advance redevelopment of the Armory at 255 LaFountain/50 Park Street.
Winooski City Council on Monday approved a sequence of actions to secure and transfer the former armory property at 255 LaFountain Street (also referenced as 50 Park Street): a refundable 1% deposit to hold the National Guard’s offer, authorization for the city manager to sign the city’s purchase-and-sale agreement, and authorization to execute an exclusive option with Champlain Housing Trust (CHT).
Jasmine, the city’s housing initiative director, told council the Guard set the purchase price at $525,000 and required a 1% deposit — $5,250 — to reserve the parcel. Council approved a motion authorizing up to $5,250 from general fund balance for that refundable deposit.
Jasmine said the city conducted an RFP and selected Champlain Housing Trust as the preferred development partner; CHT’s proposal prioritizes shared-equity homeownership, affordable rental units and larger (3+ bedroom) units that the city has identified as a community need. Under the agreed terms, closing with the Guard is scheduled on or before Sept. 30, 2025, with contractual allowances to extend closing for environmental remediation approvals (including Vermont Brownfields corrective action plan approval) if needed.
CHT will provide the city a $50,000 option deposit (with $40,000 refundable under the option terms) to secure an exclusive opportunity to buy the parcel from the city after the city’s purchase. CHT representatives said the current concept would create about 24 units under existing zoning—townhomes and a small number of rental units—with a design that could change as environmental work and design proceed. CHT’s director of real estate development, Miranda Lascasse, explained that CHT will commission its own appraisal (a standard federal-funding requirement) and conduct updated environmental testing (Phase 1 and, if needed, Phase 2) to inform a corrective-action plan.
Councilors emphasized that local zoning controls remain in force and that the city is acting as an intermediary to allow an affordable-housing developer to secure site control while environmental and funding steps proceed. The council voted unanimously to authorize the deposit, to allow the city manager to finalize and sign the purchase-and-sale with the Guard, and to authorize execution of the option agreement with CHT.
