Hartford Business Journal

6 HARTFORDBUSINESS.COM | JANUARY 22, 2024 DEAL WATCH Two major New Haven development projects move forward By Hanna Snyder Gambini hgambini@hartfordbusiness.com T wo major New Haven devel- opments are moving forward in the new year now that both have secured crucial funding. The projects include Winchester Green, a mixed-use residential devel- opment in New Haven's Science Park, and construction of a new life sciences and tech office building at the site of the former New Haven Veterans Memorial Coliseum. Winchester Green Winchester Partners — a joint venture of Twining Properties and national mixed-income developer LMXD — is building the $90 million Winchester Green development, a five-story building that will house 283 mixed-income apartments on an underutilized surface parking lot. The property will include 57 afford- able units and 12,800 square feet of retail space. A sketch of the proposed Winchester Green mixed-used development in New Haven. RENDERING | CONTRIBUTED The project will include area infrastructure improvements, such as new private roads and a public park that will improve connectivity with the surrounding Dixwell and Newhallville neighborhoods, officials said. The building is scheduled to open in early 2026, and the infrastructure work should be complete by the end of 2025, the development team said. Winchester Green is the next phase of a larger plan to revitalize the former Winchester Arms factory complex into a new campus with jobs, shops and housing. Project partners also include the urban investment group within Goldman Sachs Asset Manage- ment, which is the major investment partner and tax credit investor. The project's senior debt is being provided by KeyBank, along with a tax-exempt loan from the New Haven Housing Authority. Square 10 City and state officials recently kicked off the next phase of the mixed-use Square 10 redevelopment at the site of the former New Haven Coliseum, at 265 South Orange St. It involves construction of a new 277,400-square-foot life sciences and tech office building. The project is being aided by a $990,000 state Department of Economic and Community Develop- ment brownfield remediation grant for on-site soil remediation. Durham, North Carolina-based Ancora L&G is the developer of the new life sciences building, which will have a ground-floor restaurant. Ancora specializes in building medical/lab spaces in academic centers. The coliseum was demolished in 2007, and the site has served as a parking lot since. Developer Clayton Fowler, founding partner of Norwalk-based Spinnaker Real Estate Partners, is leading the residential components of Square 10. Ground was broken in November 2022 on the first $76-million residential project, which will bring 200 new apart- ments, 16,000 square feet of retail space and 25,000 square feet of public open space when it debuts in 2025. Another residential project will include a new 650-space parking garage and up to 100 new apartments, 20% of which will be affordable. Redevelopment would bring 100 apartments, commercial space to Hartford's Parkville neighborhood By Hanna Snyder Gambini hgambini@hartfordbusiness.com T he new owners of the former Hanson & Whitney Co. factory in Hartford's Parkville neighborhood hope to transform the long-derelict industrial building into 100 residential units and five commercial spaces. To pull it off, the Hussain family said they will need to tap state and federal grants and financing through the Capital Region Development Authority (CRDA). Steven and Michael Hussain, members of the investor family that own 169 Bartholomew Ave., recently offered an update on their estimated $39 million project to a CRDA subcommittee. That price tag includes the cost of cleaning up the property and site before construction can begin. The Hussains bought the heav- ily-blighted, 85,000-square-foot factory and 2.9-acre site for $210,000 in a 2017 city tax auction. The development team plans to use state and federal historic tax credits, conventional financing and brownfield grants, the brothers said. Bids are coming in for the $28 million construction portion of the project, and the team is seeking funds from CRDA to finalize permitting. Twenty percent of the apartments would be deemed affordable, and developers are seeking to use a blight-deferral program that provides (From left) Michael, Riaz, Steven, Gladys and Andrew Hussain outside the former Hanson-Whitney factory at 169 Bartholomew Ave. in Hartford. HBJ PHOTO | MICHAEL PUFFER a property tax reduction. The Hussain family has put in roughly $1 million in personal equity for acquisition costs, and plans to invest another $1.5 million in the project. The apartments would range from 400-square-foot micro units, up to 800-square-foot, two-bedroom units. A sketch of the proposed Square 10 life sciences and tech office building on the site of the former New Haven Veterans Memorial Coliseum. RENDERING | CONTRIBUTED

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