NEW HAVEN: Spinnaker Real Estate Partners of South Norwalk.revealed its plans for a 3.3 acre site in downtown New Haven, Audubon Square. Currently the property is a large parking lot behind the Frontier Communications building and sits on State, Audubon, Grove and Orange Streets.
Spinnaker paid $5 million to Frontier for the parcel and an agreement to provide 525 parking spaces for its weekday use, which Frontier will pay a fee for.
Phase One will include 269 market-rate housing units at a cost of $80 million and will include 4,000 square feet of retail space and a 716-space parking garage. As many as 500 apartments at a cost of $160 million may eventually be built on the site, which will see an interior street connecting Audubon and Grove Street and to facilitate phased development according to Spinnaker.
The buildings will range from seven-story buildings down to townhouse level.
Spinnaker has also been approved to develop 232 apartments at the former Comcast Communications site on Chapel Street just beyond the railroad tracts, also in downtown New Haven. That project was stalled in 2014 as a result of a lawsuit by another downtown New Haven apartment owner PMC Property Group of Philadelphia. PMC is the owner of the Strouse Adler Building apartments opposite to the Comcast site as well as apartments on Crown Street and in the former Chapel Square Mall.
The suit first filed in 2014 claimed the city hadn’t adhered to its zoning regulation by offering variances to the projects.
Also held up by the lawsuit was another apartment housing development, the $70 million, 299 townhouse style apartments on Olive Street by Noel Petra and David Adam Realty of Westport. The suit was tossed out of court after more than two years this past September. Petra told Business New Haven in October that his project would go forward by early Summer 2017
All three developments are a stone’s throw from the Strouse Adler Building as well and total 768 market rate apartments to begin construction in 2017.
Rents at Strouse Adler range from $1200 monthly for a one bedroom to $1700 for a two bedroom apartment. Rents in the new $50 million 235 apartment Corsair development less than a mile away further up State Street are on the market for $2500 and more per month for a two bedroom apartment.
Clayton Fowler CEO of Spinnaker told the Downtown Wooster Square Community Management Team that he expected to move forward in 2017 with Audubon Square after some final approvals.