360 State Street
Cost: $180 million
Developers along with Connecticut and New Haven officials broke ground in December on a $180-million, 32-story, mixed-use tower on a long-underutilized site in New Haven’s central business district.
The 700,000-sq-ft project, known as 360 State Street, will feature 500 apartments, 16,000 sq ft of street-level retail space, a grocery store, parking garage and an early childhood education center. It will occupy a full block fronting State, Chapel and Orange streets.
The tower is next to the Connecticut Financial Center, and it will be the second-tallest building in New Haven and the city’s largest residential building. It represents the first major new residential construction in the downtown area in at least 20 years.
Fairfield, Conn.-based Becker + Becker, one of nine developers who were competing for the chance to redevelop the site, won the contract. Locally, the site is known as the home of the former Shartenberg department store that once occupied the block. But for decades the land has been virtually vacant except for a partially paved parking lot.
Becker + Becker, which also is designing the project, said it wants to create a transit-oriented development, and company officials say because preliminary work is moving faster than expected, they’ve moved up the targeted completion date from fall 2010 to the summer.
“360 State will be 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 of over $400 million,” says Bruce Becker, president of Becker + Becker.
Boston-based Suffolk Construction Co. Inc., one of the nation’s largest privately held building-contracting firms, is general contractor and will manage the project. Other team members include structural engineer DeSimone Consulting Engineers with offices in New Haven and New York-based Cosentini Assoicates, in charge of mechanical, electrical and plumbing engineering.
The development has been selected as a pilot project for the LEED Program for Neighborhood Development, and developers are seeking LEED silver rating for neighborhood development, which includes both energy standards and general neighborhood impact standards.
The building will be the first LEED silver residential project in Connecticut. Among the green features in the building are photovoltaic arrays, recycled and local materials and a 400-kilowatt fuel cell. The green measures are projected to cut energy use by about 35%.
The project is being financed primarily by the Multi-Employer Property Trust, a real estate equity fund that represents union pension plan investors. About 10% of the project will be funded by public financing, which will go toward 50 affordable units, a public garage and the energy-efficiency measures.
Rents for the 450 market-rate apartments will range from $1,300 a month for a studio to $5,000 a month for one of the four penthouses. Becker says there are virtually no vacancies in the city’s high-end rental buildings.
Other developments in the area are also expected to bring more renters into New Haven. They include a 490,000-sq-ft Yale New-Haven cancer center six blocks from 360 State Street and 600,000 sq ft of office and retail projects under development on nearby Park Street.
The building will feature a mix of precast and cast-and-place concrete. The project will create about 1,200 construction jobs and almost 500 permanent jobs.
Owner: Becker + Becker Associates, Fairfield, Conn.
General Contractor: Suffolk Construction Co., Inc., Boston
Architect: Becker + Becker Associates, Fairfield, Conn.
Structural Engineer: DeSimone Consulting Engineers, New Haven, Conn.
Mechanical, Electrical and Plumbing Engineer: Cosentini Associates Inc., New York