A community-wide meeting in New Haven Thursday night brought out dozens of residents. They came to hear the big plans for the former Coliseum site. A major redevelopment plan is on the table that includes retail shops, restaurants, housing and even a hotel.
“They look interesting, but I would like to find out more about it,” said Barbara Montalvo, a New Haven resident. “It would be nice if they could blend all the different income levels that are in these areas of the city.”
She’s interested in the more than 500 housing units expected to come from the project. The developer, Live Work Learn Play, expects mixed income housing.
“As a businessman, obviously, there is going to be an investment made and I just wanted to see how there would be recoupment on that investment,” said Ohan Karagozian, who is with the Hill North Community Management Team.
Max Reim with Live Work Learn Play said everything will be able to sustain itself over time, and he’s not looking at an exit strategy. He said with all the different businesses coming in and with New Haven’s vibrant culture, the large project will be sustainable despite the high cost. Reim said financing would be mostly through private equity, but they are negotiating with the state on an incentive package and are still finishing up agreements with the city.
Reim laid out the plan Thursday and explained that it will cost about $300 million and will expand over 10 years with groundbreaking in 2015. It will also take place in two phases.
“We’re going to have residents over retail with lots of activities and things to do. That will be phase one,” said Reim.
The second phase will be the construction of the hotel and multi-functional center.
For some it’s hard to see how an empty lot will turn into a vibrant space, but that’s why the developer was in New Haven, helping residents envision the site that will help transform the city.