NEW HAVEN ANNOUNCES DEVELOPER’S PURCHASE OF U.S. REPEATING ARMS CO.
(12/18/2008) NEW HAVEN- Mayor John DeStefano, Jr. announced today that Massachusetts developer, Winstanley Enterprises, has purchased the former U.S. Repeating Arms Co. (USRAC) factory in Science Park located in the City’s Newhallville neighborhood. The former Winchester gun factory closed in 2006 and has remained unoccupied since.
“We are very excited that Winstanley Enterprises has made another key investment in New Haven. We are confident that like 300 George and 25 Science Park, Winstanley will take this vacant building and turn it into a great resource of jobs and innovation,” DeStefano said.
Science Park has experienced a great increase in interest and growth over the past year. Winstanley also purchased 25 Science Park and has begun construction on a mixed-use retail, commercial and parking facility across the street on Winchester Avenue. Building 25, long under utilized, went from being only 15% occupied to nearly 80% occupied in less than one year due in large part to the continued growth of Higher One, a Fast 500 technology based financial services company, additional needed lab space and growth for bio-tech companies as well as a lease to Yale University to seed the building. Forest City Enterprises, a $10 billion publicly-traded real estate company with headquarters in Cleveland, Ohio, is also in negotiations with Science Park Development Corporation to convert the old gun factory, known as Tract A, into a mixed-used residential and commercial development.
Winstanley Enterprises now owns and operates one million square feet of commercial space in New Haven. Carter Winstanley and his family have invested in New Haven for the last decade, capitalizing on the city’s competitive advantages of location and strong institutional growth.
“New Haven is a great place to do business. Attracting quality companies to a place is easier when you have strong community partners interested in creating success stories,” said Winstanley. “New Haven has many attributes for business including an exceptional quality of life, great restaurants and cultural attractions.”
Plans for the site are still being determined and will need to go through the standard public approval processes.
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