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Strong job market, retail drive Burlington economy

Vermont Business Magazine, Jul 01, 2005 by Edelstein, Art

Burlington in late spring and early summer is a lively place with the focus on lakefront activities now in full swing. The cool sounds of a jazz festival waft through the downtown, gardens are in bloom, cyclists tool the bike paths, there is more time to lounge at local bars and eateries and browse the stores. The growing number of out of state license plates filling the parking lots adds different accents as visitors mingle in the many local eateries. Here, in Vermont's largest city, there is also much to be thankful for economically speaking.

Most people have a job with unemployment an anemic three percent, there are but a few glaring industrial base losses notably at Specialty Filament, retail and hospitality sectors are strong and commercial construction is active.

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"People are investing in the region, we are encouraged," says Tim Shea at the Lake Champlain Regional Chamber of Commerce. He points to downtown Burlington with a new Marriott hotel under construction which includes a parking garage as well as the Main Street Landing at the waterfront as signs of a healthy Burlington.

"The economy is robust, the vacancy rates are low, and there is demand for office and manufacturing space in the city," agrees Nancy Wood at the 200 member Burlington Business Association.

She points to the Burlington Town Center, now under new management and ownership by General Growth who have renovated the mall and filled it, "nearly to capacity."

"The economy is very strong and very promising," she says.

"I see a continuing of evolution into a more and more vital community," observes Molly Lambert at the Vermont Captive Insurance Association.

Lambert formerly headed the Church Street Marketplace Association before becoming commerce secretary in the administration of former governor Howard Dean.

"I think the biggest change since I've been here is the number of downtown residents, which adds a level of energy and caring to the retail sector," says Lambert.

She sees visible signs of economic health on Church Street, but more importantly on College and Bank, Streets too, and, along the burgeoning waterfront. "The spaces are not vacant for long periods of time," she observes. "The eating establishments are incredible and a growing asset to the Burlington experience."

She finds the wealth of fine dining, "a sign that there is commercial and residential vitality."

"Church Street in general is very healthy," says Frank Bouchett owner of Pier 1. He, too, sees the downtown as "the destination for good food."

Retail in the city is healthy, he explains. "Certainly Taft's Comers has an impact but I think the impact is marginal. The people who go there would go to the discounters anyway. We don't lose customers to them."

With tourism, according to Bouchett, "downtown is getting healthier. I'd say we are super healthy."

Bruce Seifer at CEDO the Community and Economic Development Office in Burlington is very upbeat about the city. He's been at his job for 21 years and says, "the construction is as busy as it's ever been."

Seifer points to development in commercial, housing, nonprofit, and public infrastructure occurring throughout Burlington. "People think it's a good investment," he explains.

"It's better to be growing than it is to be shrinking," quips Seifer who points to the 127 room Marriott Hotel under construction at Cherry and Battery Street next to Filenes, with a 147 space parking garage at the hotel as an example of growth.

Why a new hotel? "The occupancy rate is very high here and there is room for more hotels to locate here," he explains.

"People who use hotels are coming to our community."

Seventh Generation is moving its world headquarters to the waterfront and at 50 Lake Street built Main Street Landing Company is building more office, retail, parking space and a movie theater. This developer has rebuilt a city park and added 18,000 square feet to the park for outdoor performances and recreation.

Local higher education construction is very strong indicating a very healthy economy, says Seifer. He points to construction at Champlain College, the new UVM student center, a new incubator facility at the basement of Farrell Hall on the Trinity Campus as examples.

Also there continues construction at Fletcher Allen Medical Center. The waterfront is also under construction, says Seifer and in his estimation, "everything is firing at all cylinders."

Seifer also points to downtown and the Burlington Town Center mall under new management from General Growth Properties, the second largest US mall developer, as a good sign for retail. The mall has added Cold Water Creek a 4,000 square foot women's clothing store and will soon have Famous Footware as a tenant.

Other signs of growth in retail, and general construction, are the Burlington Futon Company at Pine Street doubling in size, the Youth Club on Cherry Street, the expansion of the State Health Dept. at Cherry Street, Northfield Savings Bank opening a branch downtown, two new African markets on North Street and a New Bosnian Cafe on Main Street, which Seifer says shows the "growing influence of refugees in business downtown."

Strong job market, retail drive Burlington economy

Vermont Business Magazine, Jul 01, 2005 by Edelstein, Art

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