MAJOR MILESTONE REACHED IN COLISEUM SITE REDEVELOPMENT
(10/21/2013) Development Agreement Being Considered Before the New Haven Board of Alderman for Approval
(New Haven, CT) The City of New Haven announced it has submitted to the Board of Aldermen for their consideration the development and land disposition agreement to redevelop the former Coliseum site. This agreement is in partnership with Live Work Learn Play based out of Montreal, Canada, who were selected as the preferred developer for the City in 2011.
The $360 million dollar, mixed-use, mixed-income, phased development will include retail, residential, a class-A office building space, community gathering space, underground parking and a hotel.
The agreement calls for attracting over 35 new small to mid-sized permanent businesses and up to 20 seasonal incubator businesses, along with a mix of housing options including affordable, workforce and market-rate housing for individuals and families. In addition, the project will generate approximately 4,700 construction jobs during the seven to ten years of project build-out beginning in 2014, and between 2,800 permanent jobs during full operation.
The plan represents the next phase of New Haven’s Downtown Crossing project, which aims to reconnect Downtown, Union Station, the Medical District and the Hill neighborhood and will rejoin South Orange Street across the current Route 34 on an at-grade street for pedestrians, cyclists and automobiles.
“The agreement submitted to the Board of Alderman represents the culmination of over two years of work engaging city and state leaders and – more importantly – the residents of New Haven,” stated Mayor John DeStefano, Jr. “This project will create significant tax revenues for the City and create both construction and permanent jobs. The project will have a long term effect of revitalizing an underutilized area within the central business district as well as helping to create the conditions necessary for future commercial development throughout the city.”