Developers outline 'Ride Your Bike' mixed‑income project for Burlington’s South End

Developers with Hula and Jonathan Rose Companies presented the 'Ride Your Bike' development proposal to the House Committee on General & Housing, saying the team has filed building permits and expects the first phase — a 204‑unit residential building in Burlington’s South End — to be ready for leasing in 2028 if the financing and schedule hold.

"We filed for our building permits, and we're on track to produce 204 units," said Russ Kelly, founder of Hula. Andrew Foley, director of development at Jonathan Rose Companies, described the building as predominantly one‑bed and studio apartments with some two‑bedrooms and said the team is proposing that "up to a third of the units are affordable to households at or below 50, 80% of AMI," while noting local inclusionary zoning requires 15% and priority housing programs can raise that to about 20%.

Developers said the first phase sits in the northwest corner of a larger master plan that could eventually accommodate as many as 1,400 units; the committee and presenters treated the 204‑unit block as the immediate implementation step. Foley said the project will activate a new internal street, "Innovation Lane," with roughly 7,600 square feet of ground‑floor uses and that the team aims to provide amenities oriented to residents and neighboring workers rather than duplicative retail. "We really wanna create a maker space on the Ground Floor," Kelly said, describing co‑working and light‑fabrication space for residents.

On parking, the team confirmed there will be no subgrade (underground) parking given cost; instead they plan to use existing surface stalls, car‑share arrangements and a strategy to reduce required parking in later phases. Foley said the site is on the city bike path and emphasized a health‑and‑wellness approach that could include fitness amenities and an on‑site integrated health center intended to serve employees and residents.

Sustainability measures under consideration include geothermal heating, rooftop solar and the use of mass timber construction (cross‑laminated timber), which the presenters said was enabled by recent Vermont building‑code changes. Foley also said the financing plan layers federal and state incentives — including the 4% low‑income housing tax credit, federal tax credits for solar and geothermal, applications to state housing agencies and municipal incentives — and reported a recent award of $8,000,000 from a state program at roughly a 2% concession rate.

On timing, the developers said they hope to begin foundation work in July with full construction beginning in September and an objective to have units available in early 2028. Foley and Kelly told the committee they continue to work with lenders, the Burlington Housing Trust Fund and state housing agencies to finalize the capital stack.

Committee members asked about unit accessibility and universal design; the developers said they are working with architects to confirm the percentage of accessible units and will provide that detail to the committee. They also reported recent public meetings and approvals through design review and conservation boards and described generally positive neighborhood feedback.

The committee did not take any vote during the presentation. Chair Mark Hawley thanked the witnesses and moved to the next agenda item, H.757.