Multifamily Redevelopment Highlights

• Existing 88,000 square foot office building and Approvals for 87 Apartment Units. Frontage on Chapel Street which is a major corridor and also frontage on Interstate 91. Property situated one half mile from the center of New Haven. Market apartment vacancy rate is below 5% and recent year over year rent growth of 5%. Close proximity to Yale University with approximately 12,000 students, and Yale New Haven Hospital.
• The project is planned to be first class in every aspect with an amenity base including a fitness facility, pool, clubhouse, rooftop terrace, conference room and co-work center, bicycle storage, garage and dog grooming.
• Interior unit finishes will include nine-foot ceilings, laminate hardwood floors, stainless appliances, European cabinets and stone countertops. Bathrooms will feature superior cabinetry, tile showers and glass shower doors. Each apartment will have in-unit laundry appliances as well as individually controlled energy efficient HVAC.
• The Chapel Street neighborhood is just east of Downtown New Haven. It is within walking distance of the established retail and restaurant amenity base and is within a one-minute drive of Interstates 91 and 95, two of the busiest interstates in the northeast United States. Market rental rates have been set to reflect an approximate 20% discount to the newer and more centrally located downtown Class A properties that have a superior location relative to Yale University and Yale New Haven Hospital and a slight premium to the newer suburban Class A properties that are in inferior locations relative to Yale.

Redevelopment Profile

• Existing monthly income of $32,714 is generated from office leases to the State of CT and Forensic Nonprofit
• 25% Tax Credit available for Hard Development Costs - estimated $3,145,000 in Tax Credit
• Property is located in a Federal Opportunity Zone - additional tax credits available