click to enlarge Alicia Freese

Land slated for development at the end of Lakeview Terrace and near the top of Depot St.

It’s a developer’s dream: open land overlooking Lake Champlain, a short walk from downtown Burlington. And Redstone, which recently bought the parcel at the southern end of Lakeview Terrace, plans to make the most of it.In a paper notice left on nearby residents’ doorsteps this week, the Burlington development and real estate company informed neighbors that it plans to construct a six-story apartment building — two levels of parking and four stories of housing — on what is currently a parking lot and a steep forested slope.“It’s a phenomenal location,” said Redstone partner Erik Hoekstra. “It’s no secret that Lakeview Terrace is one of the most desirable addresses in the city of Burlington.”The current inhabitants of the quiet residential street will likely have more conflicted feelings about another large building going up nearby. Last year, residents raised concerns about the Committee on Temporary Shelter’s (COTS) planned expansion , which will include a new day station and 12 apartments across the parking lot from the Redstone site. Two years earlier, the Packard Lofts, a 25-apartment project at the other end of the street, met with prolonged resistance from residents living close by This latest project would likely include between 50 and 60 apartments, ranging from studios to three-bedrooms, according to Hoekstra, who also noted that the building could end up being seven stories.The land has changed hands three times recently. Burlington College sold it to developer Eric Farrell, who then sold it to Redstone. “I think he decided he had his hands full,” said Hoekstra, referring to the nearly 800 units of housing Farrell plans to develop around Burlington College No formal application has been filed with the city. As required by city ordinance, Redstone will first present conceptual plans to the Wards 2 and 3 Neighborhood Planning Assemblies on November 12.“We’re doing what we always do and that is we’re taking a very collaborative and community-based approach,” Hoekstra said. “We do whatever we can to try to address as many community concerns as possible.” But, he continued, “In the end there are going to be some people that just don’t want anything to happen and we’re not going to not do anything.”