MOU Parcels. The Parties will complete deed research on their respective MOU Parcels and make the information available to the Parties and consultant(s), including:
MOU Parcels. Each of the MOU Parcels, described below, offers a considerable development opportunity on its own, and efforts to establish a South End Innovation District zoning overlay (the XXXX) are aimed at realizing such opportunities. However, as reflected in the 2021 MOU regarding the XXXX between the City, RYB, and other signatories, the true potential of these properties is significantly enhanced through a joint development framework, which enables the Parties to collaborate on solutions to baseline conditions in the area, including infrastructure and parking. RYB is the owner of a 6.3 acre, 900-space surface parking lot located at 000 Xxxxxxxx Xxx (125LSA) which currently provides parking for HULA, Champlain College, Green Mountain Transit and University of Vermont Medical Center, with shuttle services offered by individual institutions. In anticipation of the adoption of the XXXX, RYB is anticipating a mixed-use development with a potential build-out of approximately 600,000 sq. ft. of gross floor area including 600 dwelling units at 125LSA. RYB currently intends to construct a 50,000 square foot building at 125LSA to be completed by December 2025. The City is the owner of 00 Xxxxx Xxxx (68SL), a 3.32 acre vacant lot located directly south of 125LSA upon which the City has long considered the construction of a multi-modal, multi-level transit hub. Most recently, the Chittenden County Regional Planning Commission DocuSign Envelope ID: D861F9D8-FOEC-459O-BBC1-727BBO2486C6 (CCRPC) has completed a feasibility study, concluding that demonstrated market demand for parking and mass transit services justify a multi-modal transit center at this location, or on an adjacent property in the event of a coordinated, multi-parcel development, such as in conjunction with the development of multi-family housing. The College is the owner of 000 Xxxxxxxx Xxxxxx (175LSA), a 3.65-acre parcel located directly east of 125LSA. The parcel contains a 3-level, 36,000 building which is used by the College for both academic and operational purposes. The parcel also contains surface parking for approximately 270 vehicles which serves as the primary remote parking location for college faculty, staff and students. The College supports this remote parking operation by providing regular shuttle service from 175LSA to the main campus located in the Hill Section of BTV. 125LSA, 68SL and 175LSA are each an “MOU Parcel” and are collectively the “MOU Parcels”. The MOU Parcels are each located withi...
