New Haven, the 3rd largest city in Connecticut and home to Yale University, is a major hub of innovation in medical and educational spaces. As a growing number of bioscience companies flock to the city, we are seeing great opportunities for medical office development, multifamily development, and adaptive reuse projects that will all help shape the city in 2022.
What’s New?
Although New Haven is growing and becoming a center of innovation, it’s still ranked as the 4th trendiest city in the U.S., where it is affordable to buy a home.
Changes in consumer purchasing preferences have started to cause mall and retail center owners to repurpose their properties into other uses, such as warehouse centers, housing projects and education centers.
While still affordable, home prices in New Haven are up 23.9% year-over-year from July 2020 to July 2021.
Exciting Projects Transforming New Haven
A new luxury apartment tower is set to be developed near Yale’s medical campus in New Haven’s Hill neighborhood. This Randy Salvatore development will have 112 units and be 7 stories tall.
Post Road Residential has received approval for a luxury apartment complex that will partially demolish and repurpose an 1880s commercial building in New Haven.
Fusco Corp., one of the area’s largest developers, has unveiled plans for a massive two-building complex in the Long Wharf area. If approved, the towers could break ground in 2022. Fusco’s project could help push a movement to develop New Haven’s waterfront areas that have been empty for quite some time now.
RJ Development & Advisors have received final approval from the city on an estimated $185 redevelopment of Dixwell Plaza. The development will transform an old shopping strip to a great mix of apartments, retail and cultural venues.
Winstanley Enterprises is set to develop a $180M life sciences tower which will have roughly 500,000 square feet of lab, research and meeting space.
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Connecticut Digest