Isabel Circle Housing Project Could Have Units Ready in Two Years

MONTPELIER — In a project that began in 2022, developers of housing on Isabel Circle plan to start a CHIP application at the end of June that could allow them to begin construction of roads and infrastructure — a six- to seven-month process — in January, according to Gabe Lajeunesse, one of the four project developers.

After infrastructure work is complete, construction will start on multi-family units, with the first occupancy projected in spring of 2028, Lajeunesse said. The units, which will be sold to the public, will mostly be two-bedroom units of about 1,000 square feet, Lajeunesse had said previously.

The developers plan to build 44 or 45 multi-units using modular construction, according to Lajeunesse. The full build-out of the units may take five years, he said, but could be as little as two years if sales go well. Meanwhile, developers will also be selling 21 single-family lots on the property to builders and individuals.

“CHIP” stands for Community and Housing Infrastructure Program, a new state program that allows a bond for housing infrastructure to be paid off by the increased property taxes generated by a low- or moderate-income housing development. The bond can be issued by either the developer or the municipality. 

Lajeunesse said his team hopes to bring their CHIP plan before the city council in August or September. The developers have hired real estate consultants White + Burke to help with the CHIP process, he said.