CITY & STATE OFFICIALS BREAK GROUND TODAY AT 360 STATE STREET
(12/1/2008) Redevelopment of the Former Shartenberg Department Store Site Marks the Beginning of One of the City’s
Largest Economic Development Booms in History
NEW HAVEN- Mayor John DeStefano, Jr. and City officials along with Landon Butler & Company, Becker + Becker, The State of Connecticut Department of Economic and Community Development and the Connecticut Development Authority, were on hand today to officially break ground for 360 State Street, the $180 million redevelopment of the former Shartenberg Department Store Site in New Haven.
“Today marks an important milestone in New Haven as we celebrate the groundbreaking of the largest development project the City has seen in more than 20 years,” said DeStefano. “What resonates most about this accomplishment is that, despite difficult economic times, New Haven continues to thrive. This project means good jobs, increased traffic to patronize local businesses, and a continued spirit of vitality in our Downtown.”
Despite the downturn in the national economy, Downtown New Haven is experiencing one of its largest development booms in its history with over $1.5 billion worth of projects currently in some stage of development. The Economic Development Administration has aggressively worked to attract investment into the City. The substantial growth in the economic base is reflected by the investment in the City of larger regional and national firms such as Becker + Becker, Winstanley Enterprises, the Multi-Employer Property Trust, Northland Investment Corporation, Intercontinental Real Estate Company and Forest City.
“We are honored to be breaking ground on this historic site in the city, at a time when New Haven is undergoing a renaissance and has been recognized as one of the most attractive and desirable communities in the country. 360 State will be very significant in New Haven’s economic development by creating millions of job hours for Building Trades members, generating a total economic impact to the City over $400 million, and further transforming New Haven into a City in which we can live, work and play,” said Bruce Becker, Becker + Becker President.
Centrally located in the Northeast corridor between New York and Boston, New Haven is in the midst of significant urban revival fueled by exciting downtown developments, access to higher education, proximity to major corporations as well as a dynamic arts, culture and dining scene. According to Mayor DeStefano, Jr., a spirit of renaissance permeates every corner of downtown New Haven. “It is an exciting time to be in New Haven. We are proud of the changes we’re making that are adding to the reasons people love to live, work and play here. New Haven is as vibrant and as progressive as any major American city, yet as convenient and friendly as any small town in New England. If it is possible to have the best of both worlds, then New Haven is it.”
When completed in Fall of 2010, 360 State Street will be comprised of a 700,000 square foot mixed-use development with 500 apartments (including 50 affordable units), grocery store, other retail, a parking garage, and an early childhood education center. Nearly 90% of the project is currently being funded by private pension fund financing with the remaining funding coming from public financing for affordable housing, public parking garage revenues and energy efficiency measures which will reduce energy usage by 35%. The development of this project will pump an estimated $400 million in to the local and regional economy. Approximately 1,200 new union construction jobs and 492 new permanent jobs will be created. In addition, 360 State Street has been selected to be a pilot project for the LEED Program for Neighborhood Development and will include such green features as photovoltaic arrays, recycled and local materials, and a fuel cell. It will be the first LEED Silver residential project in Connecticut and the largest residential building ever built in Connecticut.
About the Multi-Employer Property Trust
Multi-Employer Property Trust (www.MEPT.com) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the US. Founded in 1982, MEPT now has over $6.82 billion in net assets and has become one of the largest real estate equity funds in the US. MEPT is recognized as a pioneer in responsible property investing—it is an acknowledged leader in the LEED and Energy Star green building programs and has, since inception, required that all contractors and subcontractors engage in fair labor practices be signatory to collective bargaining agreements with legitimate trade unions. MEPT’s investor base is diverse and is comprised of 341 Taft-Hartley, public employee and corporate pension plans.
About Becker + Becker
Founded in 1950, Becker + Becker is a full service green architecture, planning, preservation and development firm. B+B seeks projects that have a social and environmental value: restoring underutilized historic buildings and urban sites to provide housing, education, retail and day care facilities.
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