Redstone broke ground in January on the Silversmith Commons in the Old North End of Burlington. The project is located at 260 North Winooski Avenue, and consists of 22 units, 20 of which are two bedroom units and 2 of which are one bedroom units. 19 of the units will be rented at market rate, and the remaining 3 at an affordable rate to meet the city’s Inclusionary Housing Ordinance. Development Manager Erik Hoekstra, a resident of the Old North End, is dedicated to creating a residential community in line with the goals and overall feeling the neighborhood. One of those goals is to increase the presence of locally owned stores in the area, and in that vein, Redstone is still looking for a retail tenant to fill the 1,526 square feet of retail space on the ground floor.
More about the Old North End
Looking at a map, North Winooski Avenue looks almost like a radial line shooting out from the center of the Old North End. It’s one of the main arteries leading into Burlington, and has been experiencing steady growth in the past few years. According to the Allen & Brooks Report from December of 2013, the Old North End neighborhood “is gaining popularity among renters because of its close proximity to downtown, availability of shops and services within the neighborhood, and typically lower rents”. This is an attractive neighborhood for young professionals looking for low rents in an urban environment.
It’s not just the rent that makes this location desirable. The Old North End is the most diverse neighborhood in Burlington. It has long welcomed immigrants, and espouses a culture of acceptance and community. Residents of the new Silversmith Commons will have access to all the wonderful establishments that make the Old North End what it is. Places like Barrio Bakery and Cafe, which has expanded significantly since it first opened eight years ago, and Pho Hong, which has long been a staple restaurant in the area, give the area culinary flair. Of course, there’s also the Old North End Ramble, a summertime celebration that really shows off the full scale of the creative community in the area.
One of the positive aspects of living so close to Downtown Burlington is that residents don’t have to have a car. North Winooski Avenue features large bike lanes, and in the event of a bike malfunction, Old Spokes Home bike shop is just around the corner. Another plus comes in the form of a car share “pod”, a dedicated parking spot that will house a CarShare Vermont vehicle that can be reserved at any time, 24/7. This is an exciting project in a very exciting place, and we can’t wait for the opening of the Silversmith in early June.