What’s going on inside (and on top of) People’s United Bank in downtown Burlington?

Fifty new apartment units — some with breathtaking views of Lake Champlain — are being built in the People’s United Bank at Bank and Pine streets in Burlington.

The bank remains open during the transformation of the 1970 building’s interior. Ultimately, its operations will consolidate into the structure’s northern half, next to the old Macy’s building.

Residents will occupy the southern half, use a separate elevator, and have access to a large, partially enclosed rooftop terrace equipped with a pizza oven and barbecue grills.

“It’s going to be a fun place to live,” said developer Doug Nedde during an early-January walking tour.

Doug Nedde, president of Nedde Real Estate, looks out a south-facing window of the People's United Bank building at 77 Pine Street in Burlington on Jan. 7, 2021.
This part of the building is being converted into rental apartments.

Crews have stripped much of the building’s interior down to a brick, concrete and steel skeleton.

All new wiring, plumbing, heating-and-cooling are in various stages of completion, as is a new sprinkler system, insulation and a residents-only elevator.

A new bank vault has been muscled in. The old one is still downstairs, where it will keep residents’ bicycles safe.

From the street, the building will show few obvious signs of change: Its tan brick is being painted a deep gray.

A new vertical fin, now wrapped in a bright green membrane but ultimately sheathed in steel, marks the building’s divide between banking and domesticity.

A recently installed vertical green fin (to be sheathed in metal) visually divides the People's United Bank building at 77 Pine Street in Burlington into bank operations, right, and future apartment dwellings, as seen on Jan. 7, 2021.
The reconfigured building will be complete this summer, says developer Doug Nedde.

EARLIER: 2029 — People’s United Bank sells downtown building to Nedde

Address: 77 Pine St., Burlington.

Expected completion: Bank in spring 2021; residents summer 2021.

What’s being built: Interior conversion of five-story 1970 bank building into 50 apartments. People’s United Bank will maintain operations in northern half.

Rents: Yet to be finalized.

Features:

  • Cafe on plaza level (Bank/Pine) open to public.
  • One- and two-bedroom units, as well as studio apartments; 10 units listed as permanently affordable.
  • Some units will have high-ceiling lofts.
  • Views vary: west to Lake Champlain; south and east to downtown Burlington and beyond.
  • Residents will have access to dog-wash, fitness room, partially enclosed rooftop terrace. And a pool table in the lobby.
  • Underground stormwater retention chambers will reduce burden on city’s wastewater treatment plant.
  • Rooftop solar array.
  • Parking on adjacent lot.
Upper floor windows reflect a setting sun at the People's United Bank building at 77 Pine Street in Burlington on Jan. 7, 2021.
This half of the building is being converted into apartment units.

What’s being replaced: Consolidation of People’s United Bank main branch in Vermont into 43,000 square feet of building. Residences will occupy 54,000 square feet.

Project cost: About $20 million.

Developer/owner: Nedde Real Estate (Burlington).

Project manager: Wright & Morrissey (South Burlington).

RELATED: What 2021 will bring — buildings scheduled for completion this year in Chittenden County

Contact Joel Banner Baird at 802-660-1843 or joelbaird@freepressmedia.com. Follow him on Twitter @VTgoingUp.

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