Middlebury College plans to meet workers’ housing needs with 35 acres of newly purchased land on the Seminary Street extension in Middlebury.
The college purchased the land from Marjorie Mooney for $1.5 million and will sell the land to Vertex properties of South Burlington in increments as the company develops 100 affordable and workforce housing units, according to a Middlebury College Press release.
The estimated development cost is $40 million, the press release said.
Housing applicants will not need to work for the college to qualify. Instead, household income determines a resident’s eligibility.
“Our faculty and staff know first-hand about housing scarcity, and we hear about these ongoing concerns from our human resources office, local businesses, and other nonprofits,” said the President of Middlebury, Laurie Patton. “We saw an opportunity to help solve a problem we all share.”
The income range for workers’ housing residents — which in Addison County is about $50,000 to $80,000 for a two-person household — is higher than for affordable housing, which is lower. about $50,000 for a two-person household, according to the press release.
The development plans to house around 250 to 350 people in total, with each unit ranging from one to four bedrooms. Summit Properties may sell some units and lease others, according to the press release.
In addition to the 100 new accommodations, there is a nine-bedroom house on the edge of the property in need of repairs, which college administrators plan to sell. Other uses for the structure are also being explored, the press release said.
Summit Properties plans to work with local housing partners and nonprofits on all 100 units, and expects to begin construction within eight months, according to the press release. The project is expected to last five to six years.
Summer Sorg is a reporter for the Burlington Free Press. Contact her at [email protected]