Development Updates in New Haven:
Across the country, the pandemic presented several challenges for construction projects. A shifting workforce, rising construction costs, and supply chain disruptions - among other obstacles - created widespread economic instability. Connecticut real estate developers were not spared from these difficulties. But despite challenges keeping their projects on time and budget, development across New Haven has remained on track, and many projects have been completed.
Apartment Boom In New Haven’s Downtown Wooster Square
Developers Epimoni and Adam America have completed a 299-unit luxury apartment project named Oliver & Wooster, offering residents studio, one-, two-, three-, and four-bedroom apartment units. It looks to be a great success, as many leases are already signed, promising to bring new life to Wooster Square. City officials tout the development as one of the premier projects to further accelerate the modernization of downtown.
Developer Epimoni remains active in New Haven's downtown Wooster Square area, receiving final approval for a 185-unit apartment complex on Fair Street. The complex will be complete with 85 studio units, 65 one-bedroom units, 15 two-bedroom units, 10 three-bedroom units, and 10 four-bedroom units.
Bridgeport Gears Up for New Mixed-Use Development
Indianapolis-based Flaherty & Collins, RCI Group, and the city of Bridgeport have joined forces to complete a new $200 million mixed-use development that will bring 420 rental units and 10,000 square feet of commercial space to Bridgeport's Steelpointe Harbor. The development will include a fitness center, spin studio, and other high-end amenities.
Project Delays in Downtown New Haven
Not all projects go as planned. Proposals for four projects in downtown New Haven won approvals from the City Plan Commission between 2018 and 2020 yet remain incomplete with no finish date on the horizon. Once completed, the mix of residential, retail, and hotel projects would provide 460 apartments and 132 hotel rooms in the area.
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Connecticut Digest