Location Summary

• Prospect Hill Development lies directly north of Downtown New Haven in Prospect Hill's Historic District. The historic district, consisting of 185-acres and roughly 270 buildings, is primarily known for its collection of distinctive architecture. Perfectly situated among a portion of the main campus of Yale University, Prospect Hill Development is adjacent to Yale's Sterling Divinity School, Yale's graduate student housing facilities and within a short walk to Yale University's Science Hill, Science Park and School of Management. Additionally, Prospect Hill Development enjoys its close proximity to the most vibrant community and nightlife of New Haven with numerous trendy restaurants and retail boutiques along with cultural fixtures such as the Shubert Theatre, College Street Music Hall, Yale University Art Gallery and Yale Peabody Museum of Natural History. The State Street MetroNorth train station, which provides direct access to Norwalk, Stamford, and Grand Central Terminal in New York City, is about a mile and a half from Prospect Hill Development. New Haven, known for its robust rental market, is a desirable location for well-compensated young professionals, well-funded graduate students, and mature renters-by-choice. Nearby Yale University, with more than 14,000 students and 3,200 faculty is the second largest employer with more than 11,500 employees. Yale-New Haven and Yale-Saint Raphael Teaching Hospitals are the largest employer with over 12,000 employees. With several of the top 100 companies headquartered in New Haven, the city is home to more than 3,200 businesses with over 80,000 employees. It is anticipated that a new owner will benefit from the highly desirable location of 490 Prospect St. A surge in 2017's leasing activity precipitated a drop in New Haven’s vacancy for 2018 to its lowest level in seven years, generating region-leading rent growth potential.
• Sky Realty Group of Broder Commercial is pleased to present Prospect Hill Development located at 490 Prospect Street in New Haven, Connecticut. Prospect Hill Development consists of three existing buildings, totaling 38,167 square feet located on 1.38 acres. The property is situated in the highly desirable Prospect Hill Historic District and lies among a portion of Yale University's main campus. Currently occupied by a non-profit, Christian organization, 490 Prospect Street is comprised of the Administration Building, Doane's Hall, and The Great Commission Building. The 12,887 square foot Administration Building, is one of the most distinguished historic buildings on upper Prospect Street and is characteristic of many of the Colonial Revival structures unique to Prospect Hill's Historic District. Built in 1910, the first floor of the administration building is impressive with its bold and elaborate craftsmanship, its stately rooms and grand staircase. The second and third floors consist of three on-suite bedrooms, six guest rooms and the organization's administrative offices. Located directly behind the Administration Building is Doane's Hall, built in 1956. Formerly, St. Mary's Roman Catholic School, the 11,600 square foot, two-story building was converted to eleven, one bedroom units to accommodate guests from around the world. The newest of the buildings, the Great Commission Building, was built in 1999 and is 13,680 square feet. The first floor of the Great Commission Building is a designated hospitality and fellowship area that offers a warm and inviting atmosphere for visitors. The second and third floor, consisting of thirteen, one bedroom units, provide additional temporary housing for foreign and domestic missionaries, scholars, church leaders and artists. FINANCIAL ASSUMPTIONS: Proposed Development Projections are based on zone change to a PDU with approvals for 40 apartment units.