Original Post, 4/22/08: Official RFQs for the major 4+-acre Downtown New Haven site were received this morning from a wide range of development and real estate companies. The City of New Haven has been seeking a project team that can create a vibrant mixed-use, walkable development incorporating the Long Wharf Theater.
The list of proposers looks promising at a first glance. Related Companies, for example, was the successful developer of the massive $1.1 Billion, 2.8 million square foot Time Warner Center -- the most valuable real estate property in all of New York City. AvalonBay has 171 major developments with 49,000 apartments. The other bidders have impressive track records as well -- focusing on development in, for example, "the most desirable neighborhoods in the Washington, D.C. metropolitan area, Southern California, the San Francisco Bay Area, the New York metropolitan area, Seattle and Boston."
The site has also long attracted attention from New Haven-based architects (also see here).
What's next? Selected development firms will face an in-depth selection process and a difficult financing market. In fact, fallout from the financial troubles in the global market effectively prevented a number of major companies from responding to the RFQ, even though the site's central downtown location -- one block from Union Station and the proposed new Transit Oriented Development there -- is extremely valuable. More information on the RFQ (including details such as proposed land uses) should be available soon.
RFQ SUBMITTALS 4/22/08
THE RICHMAN GROUP DEVELOPMENT , GREENWICH , CT
ARCHSTONE , NEW YORK , NY
HEYMAN PROPERTIES, LLC , WESTPORT, CT
NORTHLAND INVESTMENT CORPORATION , NEWTON , MA
AVALONBAY COMMUNITIES, INC. , SHELTON , CT
RELATED COMPANIES LLP , NEW YORK, NY
Update, 4/24/08: Coverage of the response now appears in today's New Haven Register, Yale Daily News and New Haven Independent.
Update, 5/2/08: Articles about the proposed downtown development, with additional details and images of the responses, appear in Business New Haven, New Haven Register and the New Haven Independent. More images may be available soon and will be posted here.
Update, 5/8/08: Additional details on the Coliseum RFQ are now posted in a separate article.
Friday, May 2, 2008
City Receives Multiple Bids for Former Coliseum Site
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3 comments:
This is fantastic news. Will you be posting the proposals on this blog? Between Shartenberg, Center Plan, Winchester and the Coliseum site, I'm very excited at this level of high-quality development in New Haven. I hope it will bring the "critical mass" needed to spur even more development.
Some of these firms are real heavy-weight national players in property development. It's a very impressive vote of confidence in New Haven in the middle of a real-estate recession. Can't wait to see details of both plans and funding sources.
How about that promised news of hedge funds moving to New Haven... Hasn't DeStefano been trying to attract some of the financial business from Stamford and Greenwich, partly by getting faster Metro-North trains from New York? I haven't heard much about this recently.
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