NewHavenBIZ

14 n e w h a v e n B I Z | A p r i l 2 0 2 1 | n e w h a v e n b i z . c o m mixed uses including retail, restaurants and residential space. ey envision an area that will be alive with activity day and night, as those who work in medical and educational fields come and go between shis. Fourteen years aer the Coliseum was demolished, new life is planned for the vacant site. Spinnaker received site plan approvals in the fall and is now putting together building plans. M any drive by the barren old concrete grounds of the New Haven Coliseum and have sweet memories of concerts, circuses and sporting events. Leaders at Spinnaker Real Estate Partners, however, have visions of the future. ey see a bustling development of Spinnaker Real Estate Partners shares redevelopment vision for New Haven's ex-Coliseum site "ere are a number of things that we need to do before the city transfers the title to the property to us, which begins the first phase," explains Spinnaker's Vice President of Development Frank Caico. "We expect that will happen sometime in the middle of this year. And then hopefully we'll be in a position to start construction later this year, probably late summer or fall." e first building in phase one, slated for completion in 2023, will include 200 multifamily apartments and about 15,000 square feet of ground-floor retail space, as well as extensive amenities. at first phase will also include construction of a 30,000-square-foot public plaza. Still referred to as the "Coliseum Project," Spinnaker's marketing team will soon begin the renaming process. e overall project includes a minimum of 500 multifamily apartments (20 percent of which are required to be low income), 30,000 square feet of retail space, about 30,000 square feet of public open space, and a minimum of 80,000 square feet of other commercial spaces or offices. e property will be developed in two phases, and then subphases within those two main phases. Spinnaker CEO Clay Fowler said he expects the project to be about a $400 million investment. New Haven's deputy economic development director and primary project manager, Steve Fontana, says that aer the property sat undeveloped for so long aer its demolition, city officials are happy to see some progress. "We're finally fulfilling that expectation," Fontana said. "It is going to be a transformation for the city, its own block of New Haven that many are calling 10th square." In the short term, the project will create construction jobs over the next few years. Long term, it will be a major economic driver bringing hundreds of new residents as well as retail shops and even some office space downtown. "is is reinvigorating part of our city — the first part of downtown that people see as they get off the highway," Fontana said. "We love the design and how they've integrated the buildings with existing architecture. It's the right time and the right partner with Spinnaker." Sustainable market e Norwalk-based development firm isn't new to New Haven. It's the creative brainchild behind e Audubon apartment and retail development on Orange Street, which is in its second phase of development. In 2020, 269 apartments were made available for lease and development continued on additional residential and retail space. Caico said the firm's business model tends to focus on urban infill redevelopment, and it sees a lot of opportunities for that in New Haven. For example, the Audubon development transformed a large parking lot into a "dynamic community," he said. e second phase of the Audubon project comprises another 135 apartments with ground-floor retail, situated along Grove Street between State and Orange streets. "It'll flank the courtyard and pool … and really kind of complete that whole block," Caico says. Plans for the third phase are still in the works. Spinnaker has projects not only in Connecticut but across the country, including its largest in Portland, Oregon — a 3,000-unit mixed-use residential development. Active in New Haven for about 10 years now, Spinnaker's work started with its efforts to redevelop the former Comcast property on Chapel Street, which was tied up in litigation for many years. Phoenix Rising Melissa Nicefaro Developers involved in the planned redevelopment of the former New Haven Coliseum site include Greg Fieber, Clayton Fowler and Frank Caico. PHOTO | NEW HAVEN BIZ IMAGE/CONTRIBUTED An artist rendering of future development at the former Coliseum site in New Haven. At a glance: Company: Spinnaker Real Estate Partners Industry: Real Estate Development Top Executive: Clayton Fowler, Chairman, CEO & Principal HQ: 1 North Water St., South Norwalk Company Website: http://spinrep.com/ Phone Number: 203-354-1550

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