The New Haven Board of Aldermen have approved a development project that would turn the site of the old Coliseum into a hub for retailers, residents, community members and office workers.
The Development and Land Disposition Agreement, forged between the city of New Haven and developer Live Work Learn Play, pushes through the second phase of the Downtown Crossing project, a $400 million development including $33 million in infrastructure improvements. The project is expected to create thousands of jobs, including 4,700 construction jobs and 2,800 permanent positions once the development is complete, city officials said.
The development will get underway in 2014 and will be finished in seven to 10 years. It will comprise 75,000 square feet of retail space and aims to attract 35 permanent businesses and 20 seasonal businesses. The site will also include 700 residences and 200,000 square feet of office and community space, underground parking and a hotel.
“The Board of Alderman’s vote of approval represents the culmination of over two year’s worth of work, engaging city and state leaders and – more importantly – residents of New Haven,” said Mayor John DeStefano, in a statement. “This project will create significant tax revenues for the City together along with construction and permanent jobs and will have a long term effect of revitalizing an underutilized area within the central business district as well as helping to create the conditions necessary for future commercial development throughout the city.
The first phase of the project broke ground in June with the construction of Alexion Pharmaceuticals at 100 College Street.