CONSTRUCTION BEGINS ON 2 HOWE STREET (LOT E) IN NEW HAVEN, CT
(6/24/2008) Development will support Yale- New Haven Hospital’s Smilow Cancer Hospital
New Haven, Connecticut — June 24, 2008 — Intercontinental Real Estate Corporation (“Intercontinental”) announced today that construction has begun on their joint residential and commercial development bounded by Legion Avenue, North Frontage Road, Howe Street and Dwight Street. Community and project leaders gathered to break ground on the development that consists of three components: a six-story parking garage containing 845 spaces; a 53,000 square foot three-story mixed-use (retail/office) building; and 24 residential units.
In October of 2006, Yale-New Haven Hospital (“YNHH”) selected Intercontinental as its preferred developer in response to their Request for Proposals for the Development of Lot E. YNHH is currently constructing Smilow Cancer Hospital, a 14-story comprehensive clinical cancer center that will consolidate all clinical cancer care services into one building. Intercontinental’s development of 2 Howe Street will provide complementary parking and office space for the hospital. The 2.4 acre development site is situated one block from YNHH’s Smilow Cancer Hospital. With the exception of the retail space, YNHH will occupy all of the project components. Construction on 2 Howe Street is scheduled for completion in Winter, 2009. Intercontinental acquired the land from the City of New Haven on behalf of its Intercontinental Real Estate Investment Fund IV, LLC.
“As we break ground on this project, we would like to express our sincere appreciation to the City of New Haven and Yale-New Haven Hospital for helping us reach this important milestone,” said Paul Nasser, CFO & COO of Intercontinental. “The recent and future development in this neighborhood is very exciting and we are proud to play a part in the city’s growth.”
“This project not only provides the parking necessary to support the new, state-of-the-art Smilow Cancer Hospital, it will provide retail space and much needed housing for patients and their loved ones who seek care at Yale-New Haven Hospital,” said Norman Roth, senior vice president, YNHH Administration. “The project incorporates input from the city and local residents, creating a new connectivity between the Hill neighborhood and downtown in a community-oriented manner.”
“Groundbreaking on Lot E and the development of the Cancer Center and 55 Park Street all represent growth not only for the medical area as an important component of our downtown but also of our larger vision for a more vibrant City as this development creates new jobs, retail and housing,” said Mayor John DeStefano, Jr. “As we advocate for the abandonment of the Route 34 right of way in an effort to reconnect our street grid and our neighborhoods, we look forward to the completion of the Cancer Center and additional developments in this corridor as valuable resources for New Haven and the State.”
Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $4 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2 billion for its clients and is actively seeking opportunities to invest in core, core plus as well as value oriented development projects. For more information, visit www.intercontinental.net.
Yale-New Haven Hospital is a 944-bed, not-for-profit hospital serving as the primary teaching hospital for the Yale School of Medicine. Yale-New Haven was founded as the fourth voluntary hospital in the U.S. in 1826 and today, the hospital complex includes Yale-New Haven Children’s hospital and Yale-New Haven Psychiatric Hospital, with a combined medical staff of about 3,400 university and community physicians practicing in more than 100 specialties. See www.ynhh.org for additional information.
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