Electronic payments provider Higher One Inc. is investing $45 million to expand its Science Park headquarters in New Haven, an effort that will add another 200 jobs to double its Elm City payroll, authorities say.
Gov. M. Jodi Rell joined executives for the company that distributes ATM cards and electronic billing and payment services on college campuses and other dignitaries to break ground Tuesday on renovation of building No. 25 at the former Winchester Repeating Arms Co. site that now houses Science Park.
Higher One, which went public last spring, is partnering with Winstanley Enterprises, Forest City Residential Group and Science Park Development Corp. to rehabilitate 140,000 square feet in two vacant buildings to serve as its new headquarters.
In addition, the state Department of Economic and Community Development is putting up $5.5 million in grants to cover environmental remediation and construction. Another $18.5 million will come through the Urban and Industrial Sites Reinvestment Tax Credit Program.
Meanwhile, the Connecticut Development Authority plans to support the project with $1 million in sales and use tax exemptions.
In return, Higher One says its renovation and expansion not only will preserve its 165 New Haven jobs but will eventually create 203 new ones by January 2015.
“Higher One is a genuine Connecticut success story – and it’s one that we’re all reveling in today,” Rell said in a statement after the groundbreaking.
The company moved moved to Science Park in 2004 with 24 employees. Since then, it has taken off, having recently been selected as one of Connecticut Technology Council 2010 Marcum Tech Top 40 Winners and ranked No. 140 on Deloitte’s 2010 Technology Fast 500 list of fastest growing companies.
The company now employs more than 360 people at offices in New Haven and Oakland, Calif.
