NewHavenBIZ

32 n e w h a v e n B I Z | M a y 2 0 2 2 | n e w h a v e n b i z . c o m W h a t ' s T h e D e a l ? Fairfield luxury apartments sell for $93M By Greg Bordonaro, Liese Klein & Michelle Tuccitto Sullo A recently-built luxury apartment development in Fairfield has sold for $93 million, land records show. e 160-unit Alto Fairfield Metro apartments at 1401 Kings Highway sold in March. e buyer was Boston-based real estate private equity investor Jones Street Investment Partners, property records show. e seller was 1401 King LLC, which is controlled by Weston commercial real estate lawyer Stephan Grozinger, state records show. e property, which was built in 2020, includes two buildings with studio and one- and two-bedroom apartments. It also has 13,000 square feet of retail space. e highly-amenitized property held a grand opening ceremony last September, at which time the property manager said the apartments were 100 percent leased, according to a published report by Patch. e property sits on 2.33 acres and contains a billiards/playroom, dog washing station, outdoor patio and fire pit as well as a rooop lounge area. Alexion to expand New Haven footprint Alexion, AstraZeneca's Rare Disease group, announced it plans to expand its presence in New Haven with space at the new bioscience tower currently under construction at 101 College St. e company is headquartered in Boston, but has a New Haven presence, with roughly 500 employees working at its research facility at the existing tower next door, at 100 College St. Alexion indicated it expects to occupy the new space by the end of 2023. e expansion is expected to grow the company's research capabilities, and will double its lab floor space. Alexion also indicated it is currently recruiting to fill 50 open positions in New Haven, with more than 50 percent of those roles in research and development. e company also anticipates more hiring with the addition of the new space and continued growth of its research and development efforts in the Elm City. Developer Carter Winstanley broke ground on the 101 College St. tower project last year, and at the time projected it would take two years to build. e 10-story tower will have roughly 500,000 square feet of laboratory, research and meeting space. It has already attracted other future tenants, such as Yale University and bioscience company Arvinas. BioLabs of Cambridge, which manages coworking space for life science startups, will run a new Yale-backed incubator in the building. United Kingdom-based AstraZeneca finalized its $39 billion acquisition of Alexion in July 2021. Rendering of the under-construction 101 College St. office tower. RENDERING | CONTRIBUTED State Street project promises new 'livability' downtown "ere's going to be more feet on the street." at's the future vision for New Haven's Lower State Street celebrated during a recent news conference marking $5.4 million in new development funding under Gov. Ned Lamont's Connecticut Communities Challenge Grant Program. e money, aimed at revitalizing a downtown stretch of State Street from Audubon to George streets, will go to "unlock the redevelopment potential of several parking lots for transit-oriented development/mixed-use development," according to Lamont. City and state lawmakers and economic development officials gathered at Metro North's State Street last month to outline a vision for using the funding to bring people to the area to live, shop and work. Planned are 652,000 square feet of newly-developed space, including 447 new housing units and 80,000 square feet of retail. "e residential market is booming here," New Haven Mayor Justin Elicker said, referring to new apartment buildings planned for State and nearby Wooster Square. "ere's going to be a lot more customers to support the expansion of the retail sector." New Haven Mayor Justin Elicker speaks at a news conference announcing $5.4 million in new funding to revitalize Lower State Street. PHOTO | LIESE KLEIN Stratford medical office building sells for $2.7M A Westport-based healthcare real estate investment company has purchased a Stratford medical office building for $2.7 million, according to land records, with plans to redevelop the property to Class-A status. Aspect Health purchased the 21,462-square-foot medical building at 2909 Main Street in February, land records show. Alto Fairfield Metro apartments at 1401 Kings Highway in Fairfield. PHOTO | COSTAR

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