nothin 26-Story Tower Plan Dusted Off | New Haven Independent

26-Story Tower Plan Dusted Off

Chris Nicotra stood on the roof of his building and watched an apartment skyscraper rise, then start to fill up, across the street. I can do that too, he thought.

So Nicotra, a third-generation New Haven real-estate investor, retrieved some plans from his office. They show a 26-story residential tower where a surface parking lot now stands.

He’s in discussions with a possible co-developer, he said. The project is in a preliminary stage — no financing yet, no requests put in for zoning relief on parking. But he’s ready to make it happen, he said.

At some point I am sure I will build this building. It’s just a matter of time,” he said in an interview inside the Temple Street suite of his company, Olympia Properties.

He thought he would build it in 2008. Then the economy crashed. The architect’s drawing of the tower went in a drawer.

Meanwhlle, Nicotra renovated and rented out his half-dozen buildings on the block of Chapel between State and Orange Streets. One of those properties is the circa 1832 building on the corner of State. Another is the old Horowitz Bros. building at 760 Chapel. Nictora bought it in 2006 and fixed it up. Now he has a Family Dollar on the first floor, a marketing firm on the upper floors, and a vintage Otis cage elevator (“the oldest operating in the state”).

He also has a surface parking lot behind that building, opening on State Street (pictured). That’s where he wants his new residential tower to rise.

Nicotra stood on the roof of the Horowitz Building and watched developer Bruce Becker’s 32-story 360 State apartment rise, fast, despite the recession. (Nicotra’s company had competed with Becker’s firm for the right to develop that property.) Then he watched as the 500 apartments started filling up. The building’s already half leased, ahead of schedule, Becker said this week.

Nicotra, the 37-year-old son and grandson of local real-estate investors, concluded: The market’s there, buoyed by proximity to the railroad station and bus lines on the corner and downtown culture.

I know people who live in the building, folks who moved from Woodbridge, little old ladies, empty nesters, students, working folks like myself,” Nictora said.

There’s no study that says this can work,” Nictora said of his own 26-story dream. “[Bruce Becker] is basically our study. We stayed back and watched him.”

Becker agreed with Nicotra. He called the tower a logical project.”

New Haven has the demand for more housing,” Becker told the Independent. We’re leasing one apartment every day. We’re going to be done before the year is out. Then where will everybody go? Hamden?

For the next couple of decades housing should be built in cities with high density. Where do we want 1000,000 homes to be built in Connecticut? I would vote for sites like Chris’.”

Becker was asked if he would consider joining Nicotra as a partner on the deal. I need to take a little of a hiatus,” he said. I’m really not looking for a new project right now.”

City Development Administrator Kelly Murphy saw Nictora’s drawing back in 2008. She hasn’t yet talked to him about the plan’s revival, but she said it makes sense because of all the building going on in New Haven. New Haven’s grand list of taxable property showed the largest rise in the state last year.

I’m excited to hear he’s interested in doing that again. It’s a sign that we’re doing very well,” she said. She noted that another project may be coming on line soon a block away, the renovation of the empty bank building at the corner of Orange and Chapel.

Nicotra estimated the tower would cost $150 million to build. Several factors would make it cheaper to build than a project like, say, 360 State: It requires no environmental clean-up. It requires no demolition. It conforms with zoning, he said, except for the need for parking relief.

If you build it, they will come,” he said. Just ask Bruce Becker.”

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