A New York developer announced Thursday that it had obtained financing to begin construction of a new apartment complex on Munson Street in New Haven’s Science Park.
An affiliate of Hudson Meridian Construction Group secured the financing from ACORE Capital and Sculptor Real Estate for the project, a six-story, 398-unit complex at 201 Munson St.
Tessera Partners and Capital & Venture Resources arranged the financing, and New Haven investor Paredim Partners LLC will partner with the developer, Hudson Meridian said in a statement. A division of Paredim, which is based in Elmsford, N.Y., will handle leasing and management at the property upon completion.
The townhouse-style development will consist of 90 studios, 208 one-bedroom units, 78 two-bedroom units and 22 three-bedroom units. “Live/work” and outdoor spaces will be included with selected units, along with amenities like a clubhouse, fitness center, outdoor pool and recreational roof deck.
The project’s planning has stretched over three years and presented “a unique set of development challenges,” Hudson Meridian CEO Bill Cote said.
Formerly home to an Olin Corp. manufacturing facility, the site “had degraded to a seriously contaminated eyesore after sitting vacant for many years,” Hudson Meridian said.
The new complex will be adjacent to the Farmington Canal Heritage Trail and Science Park’s main commercial corridor.
“We are excited to contribute to the excellent progress being made in the redevelopment of the Science Park area,” Cote said.
New Haven’s city planning commission approved a plan earlier this week to build a new 287-unit residential complex dubbed “Winchester Green” a few blocks up from the Munson Street project.
Contact Liese Klein at lklein@newhavenbiz.com.
