AGREEMENT SIGNED TODAY FOR REDEVELOPMENT OF NEW HAVEN COLISEUM SITE
(12/12/2013) Mayor John DeStefano, Jr., President of the Board of Alderman Jorge Perez, Senator and Mayor-Elect Toni HarpCity Economic Development Administrator Kelly Murphy, Max Reim, Founder and Principal of LiveWorkLearnPlay (LWLP), and Richard Martz, Vice-President of LWLP all gathered today at City Hall to sign a historic Development and Land Disposition Agreement between the City and LWLP for the redevelopment of the former New Haven Coliseum site into a vibrant, new downtown neighborhood. Also in attendance were members of the New Haven Board of Alderman and the State Legislative Delegation.
The project will be one of the largest private developments in the history of the City, with approximately $362 million of private investment, and approximately $33 million in additional public infrastructure improvements. It will incorporate 1.1 million square feet of development on 4.85 acres of land. It is envisioned as a transit oriented, mixed-use, mixed-income, Smart Growth development that, once completed, will include 75,000 square feet of retail, up to 1,002 residential units, a 200,000 square foot class “A” office building, and a 160-190 room 4.5 star branded hotel and multi-functional center – all designed around a vibrant public square and community gathering place. Construction on the phased project is targeted to begin in the summer of 2014.
The project will create 35 to 40 new small to mid-sized permanent retail business opportunities and up to 25 seasonal incubator retail businesses, along with a mix of quality rental and for-sale housing options ranging from market rate, to low, moderate and workforce housing. In addition, the project will generate approximately 4,700 construction jobs and $303 million in labor income from construction jobs over the seven to ten years of project build-out. Most importantly, the project will generate approximately 2,800 permanent jobs at full operation, creating approximately $189 million in annual labor income. LWLP is committed to working with the City, New Haven Works and other local and regional organizations to ensure employment opportunities for New Haven residents as well as the participation of local businesses and entrepreneurs in the project.
The signing of this agreement was the result of the unanimous vote last week by the New Haven Board of Aldermen to approve the Development and Land Disposition Agreement between the City and LWLP.
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