A new senior housing project in Burlington is complete, and demand is so high it took just minutes to fill all of the apartments.
The Thayer House is the former site of the motor vehicle department on North Avenue. Cathedral Square, the Champlain Housing Trust and developer Eric Farrell teamed up to purchase the property and redevelop it into 69 units of affordable housing for the elderly. The last of the units was rented just 29 minutes after becoming available.
"This housing is so important because we have 950 people on our waiting list for affordable senior housing and housing for individuals with a disability, so the need is huge and we're just trying to identify financing to meet that need," said Nancy Eldridge with the Cathedral Square Corporation.
The 36 units in the second phase of the project was developed with a variety of financing sources, including a federal grant that makes the apartments affordable to very low income people. Eldridge says this type of housing allows seniors to live independently longer.
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