On Monday, Burlington College completed the real estate transaction with Eric Farrell.The College sold 27.65acres of land, including the cottage at 311 North Avenue, a parking lot at 85 North Avenue, and an apartment building at 9 Lakeview Terrace.The College has retained 6 acres of land and its main buildings at 351 North Avenue. The college has suffered through financial hardship and the resignation of its former president during a tumultuous 2014. Its accreditation was also in jeopardy.
The college had no immediate plans to use the land for educational purposes and thesale of this property has resulted in significant financial resources for the College.While the sale was a complex agreement that has taken many,many months, the end result puts Burlington College on much more stable financial ground.
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"With this transaction behind us, the College can turn its focus to growing enrollment, strengthening programs, and educating a workforce that will benefit Vermont," said President Carol Moore. "Burlington College has a bright future and this is the first step in that direction."
The current land deal is worth $7,650,000. Also, Farrell will purchase the 1880s building known as "the Orphanage" with the intention of renovating the space into student housing. This additional sale will yield the college an additional $2,000,000, with a deposit of $250,000 for this property. This deposit towards this transaction will take place at the same time as the real estate deal for the land that closed Monday. The second transaction is scheduled to close in 2016.
Source: Burlington College