NewHavenBIZ

8 n e w h a v e n B I Z | J u l y 2 0 2 1 | n e w h a v e n b i z . c o m O n T h e R e c o r d | Q & A Yale serves as growth engine to New Haven's economic development ambitions By Michelle Tuccitto Sullo I t's been a busy time for Lauren Zucker, Yale University's associate vice president for New Haven Affairs and University Properties. Zucker's job involves fostering economic development and educational outreach initiatives. Yale University Properties has some 500 residential properties and 85 commercial PHOTO | GARY LEWIS tenants, many of which have suffered due to the pandemic. Zucker and Yale have been working with retailers and restaurants in Yale-owned buildings, trying to help by offering rent abatements and coordinating advertising campaigns to attract customers. e university announced this spring that it has leased three floors in a new bioscience tower now under construction at 101 College St. in downtown New Haven. Yale is also throwing its financial support behind a new life sciences incubator in the tower. Yale University ranks third on the list of New Haven's top taxpayers, paying roughly $5 million in property taxes on its non-ex- empt properties. It also makes annual voluntary payments, most recently to the tune of $13 million. e university currently owns about $3.5 billion worth of tax-exempt property, according to the city. New Haven Mayor Justin Elicker has called upon Yale in recent months to contrib- ute more. Yale says it is maintaining an open dialogue, with Elicker's office indicating "ne- gotiations are ongoing." Yale President Peter Salovey has publicly said Yale "will continue to increase our voluntary payment over time, but not at the rate the mayor has suggested." Salovey also has said Yale can contribute in new ways "to stimulate vibrant economic growth in our city." New Haven BIZ recently spoke with Zucker about Yale's efforts to drive economic development in its host city, and what she sees happening in the months and years ahead. Why did Yale decide to lease space in the new 101 College St. tower? Similar to our role in enabling the develop- ment of 100 College, Yale was asked early on to play a role in supporting 101 College. We committed to serving as an anchor tenant to provide the financial support that really enabled the develop- er (Winstanley Enterprises) to bring the project to fruition. Yale recognizes the significance of the project and its impact on economic development for both the city and the state. We could independently build our own buildings for our own purposes, but we felt 101 College, in addition to creating tax revenue for the city, would serve as a key connector from the Hill to Downtown, from Yale's medical campus to central campus, and importantly, would continue to put New Haven on the map as a center for biotech. What does Yale see as the importance of the planned life science incubator? A few years ago, we commissioned a study by McKinsey & Co., which confirmed our belief that New Haven had a shortage of biotech space and in particular, incuba- tor space for startup companies. Startup companies are evolving and constantly changing their space needs. ey typically have little credit worthiness for capital to actually invest in infrastructure, which can be very expensive. Yet, incuba- tors are a key part of a biotech ecosystem. While the terms of our specific deal are confidential, we really felt it was important to support this growing industry. Since 2000, more than 75 startups born of Yale research have taken root in New Haven. e goal is really to keep them here so they can grow, provide jobs, shop at our retailers and support New Haven. A terrific example of this is Arvinas, a clinical stage biotech company with roots at Yale, which also agreed to lease three floors at 101 College. After the new tower is online, do you think the city will still need more lab space? I do. I believe that New Haven will continue to grow. As more companies and businesses stay in or come to New Haven, the need for more lab space will continue to grow. How can New Haven attract or pull in out- of-state bioscience companies, ones not spun out by Yale? Biotech companies like to be close to Yale and Yale science and all the resources we have. As a city and as a state, we can work hard to attract those types of businesses to New Haven. I think New Haven has a lot of what businesses are looking for. It is a great place to work, to live, to study. It is a very walk- able city, so it makes sense that companies would want to set down their roots here. What do you see for the future of the bioscience industry in New Haven? Lauren Zucker Associate Vice President for New Haven Affairs and University Properties Yale University Education: MBA, Harvard University Age: 51 Lauren Zucker stands on New Haven's Chapel Street where the Shops at Yale are located.

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