New Owner Stays Course On Wooster Sq. Project

David Adam RealtyThe new developer of a Wooster Square property said he plans to move forward on schedule to build 299 new apartments and 6,000 square feet of stores as planned on land at the gateway to Downtown.

The developer, Darren Seid of Epimoni Corps, is working with Adam America of New York, which has the property at 87 Union St. on contract.

A local builder, Noel Petra, originally won approvals and planned to build the development on that site, one of two large apartment complexes planned for the area around Olive, Chapel and Union. He and a Westport builder (named David Adam Realty, no relation to Adam America) formed a limited liability corporation to buy the property for $4.5 million in 2016.

Then, Petra said Monday, he concluded that the project was too big for his firm to handle; instead he plans to partner with local builder NHR Properties on mid-market projects elsewhere in New Haven, more in the 20-110-unit range.

Petra began negotiations on the 87 Union development — now dubbed “44 Olive Street” —  with Adam America in June 2017, according to Seid.  Adam America has the property under contract with a $1 million on deposit, according to a Dec. 26 filing in the city land records. Adam America is partnering with Seid’s building firm, Epimoni, to carry the project forward. Seid and Petra declined to divulge the full sales price or the planned cost of construction.

Seid said Monday that Epimoni Corps plans to begin construction in 2018, as originally planned, though the exact date is still uncertain. The developers expect that construction will take about two years.

David Adam Realty“We’re very happy with the design. We’re happy with the city. They’re very pro-development,” Seid said. Though the overall design remains unaltered — including parking as well as numbers of apartments and retail space — details including the size of apartments and the exact kind of amenities available remain to be worked out. Seid said that Epimoni Corps plans to include a whole floor of amenities including a swimming pool and a courtyard.

“We hope they will be staggering and well received,” Seid said.

The complex is set to include a mixture of studio, one, two, and three-bedroom apartments, in addition to townhouses. Seid said that the townhouses are a unique feature of this development, paying homage to the city’s architectural heritage. New Haven, Seid said, is experiencing high demand for multi-family rentals, driven by close access to Yale University, Yale New Haven Hospital, the biotech industry and associated venture capital firms.

Seid predicted that the Olive Street development will appeal to tech-savvy and app-friendly tenants, though he hoped that tenants would include families, older locals and a full spectrum of the city’s population. Seid said that rent would be market rate, and would likely be similar to other developments in the area, including 360 State Street.

“Once I set foot in New Haven, I was completely sold,” Seid said.

Epimoni and Adam America are looking at other properties in the New Haven area, as well though they have yet to purchase any, Seid. Adam America, a New York real estate company founded in 2009, manages hundreds of housing units in the New York area.

Matthew Nemerson, city economic development chief, expressed hope in a recent interview that 44 Olive will start construction this spring as legal action failed to block development. A second development planned for the site of the old Comcast building nearby remains stalled because of lawsuits.

Wooster Square Alder Aaron Greenberg could not be reached for comment for this story.

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posted by: robn on January 8, 2018  10:20pm

Cue 3/5 with random quotes from some wag at CurbedNYC who still mad because the developer wouldn’t kiss his boo-boo after the wag stubbed his toe at their property.

posted by: Kevin McCarthy on January 9, 2018  7:43am

There goes the dog park! (Across Union Street.)

More seriously, the development will connect Wooster Square and Ninth Square and bring much needed tax revenue. As 3/5ths will note, it won’t help lower income renters. But given its location, it won’t displace anyone either.

posted by: Kevin McCarthy on January 9, 2018  7:53am

Robn, in fairness to 3/5ths,  development across NYC has resulted in a substantial amount of indirect displacement as existing landlords raise their rents in response to actions of developers. But housing markets are local. I haven’t seen significant indirect displacement in response to the New Haven developments. I very much doubt it will happen here - there is little housing in the immediate area.

posted by: __quinnchionn__ on January 9, 2018  9:33am

Supposedly this project and the 87 Union Street project is going increase foot traffic and vehicle traffic in the area. That reminds me, what ever happened to idea of having new apartment buildings along State Street? Will that development ever become a reality? Or is it “dead” ?

posted by: Morgan Barth on January 9, 2018  9:45am

3/5ths has finally WON the comment section of the NHI.  He doesn’t even need to post and he’s alive in the point / counter-points of other posters!

This project looks great.  Moving under-utilized industrial/post-industrial land to a dense development is great for the city, tax revenue, urban density and helps solve our housing crunch!  Cheers - I hope it all move forward expediently!

MB

posted by: Kevin McCarthy on January 9, 2018  10:55am

Quinnchionn, this is the 87 Union Street project. Also, which State Street project are referring to? The former YMCA near the Hamden line is renting and I believe the building next to it is under construction. The former church near Humphrey is under construction; I believe the conversion of the rectory next door is finished. Construction has not started in the space above Regal Begal.

posted by: Cove'd on January 9, 2018  4:26pm

Speaking of State Street, all those sliver surface lots along the east side of State between Audubon Street and Fair Street used to have buildings on them many years ago.  Would love to see infill on those lots someday.

posted by: __quinnchionn__ on January 9, 2018  4:44pm

@Kevin McCarthy

No. This particular project site is located on Olive Street. The Union Street project is directly around the corner where Fair Street is. The other project development that I’m referring to is the one where there’s supposed to be more new apartments built along State Street between Grand Avenue and Fair Street. It was something that was supposed to happen like 5 or 6 years ago. It seems like that development that has been “forgotten” because clearly it was never done nor did it ever get started.

posted by: Kevin McCarthy on January 9, 2018  4:51pm

Cove’d, the city is looking into reconfiguring State Street to re-create buildable lots on the East side. A good idea, but one that would cost serious money.

posted by: __quinnchionn__ on January 9, 2018  5:14pm

@Cove’d

All of those surface parking lots that you’re referring to are suppose to be new offices and apartment buildings. Hopefully sometime soon a developer or some developers would be interested in building on those lots along that part of the State Street corridor.

posted by: Kevin McCarthy on January 9, 2018  9:44pm

Quinnchionn, I don’t know anything about a project on State between Grand and Fair. But you’re right that projects are often proposed and never come to fruition.

The article is about “the 87 Union development - now dubbed 44 Olive Street”. The property borders Union on one side and Olive on the other. I believe the other complex referred to in the third paragraph is the Spinnaker Chapel Street project (the Comcast building and the lot across the street).

posted by: __quinnchionn__ on January 9, 2018  11:49pm

@Kevin McCarthy

Well, supposedly all the empty land on the east side of State Street is supposed to be new apartments, condos, offices and retail between Audubon and Fair. I actually heard about it on a certain website, but I unfortunately forgot the name of it. It’s a big project! The streetscape of State Street is suppose to change too. The median along State is going to be removed and the street is going to be narrow with narrow lanes, on-street parking on both sides and there’s either going to be bike lanes on both sides or a cycle-track on one side. That’s what I heard, and it was suppose to be completed about 2 years ago.

posted by: THREEFIFTHS on January 10, 2018  6:23pm

Comments
posted by: robn on January 8, 2018 10:20pm

Cue 3/5 with random quotes from some wag at CurbedNYC who still mad because the developer wouldn’t kiss his boo-boo after the wag stubbed his toe at their property.

How about this wag from the U k.

Gentrification is a global problem. It’s time we found a better solution
Oliver Wainwright

Gentrification is becoming a global problem.

‘This is just the start’: China’s passion for overseas property

Starting today, this Guardian Cities series will examine the consequences of gentrification around the world, and interrogate what is being done to tackle it. From Vancouver’s pioneering gentrification tax to the efforts of a tenants’ cooperative in Brooklyn, from housing evictions in Johannesburg to the impact of Airbnb in Amsterdam, we will hear from groups on both sides of the regeneration machine about the impacts, challenges and tactics being deployed on this ever-shifting battleground.

https://www.theguardian.com/cities/2016/sep/29/gentrification-global-problem-better-solution-oliver-wainwright

Cities Gentrified world
‘We are building our way to hell’: tales of gentrification around the world
From community displacement in Mexico City to tourism-triggered evictions in Lisbon and crazy rent hikes in Silicon Valley, our readers shared stories of gentrification happening in their cities – and the initiatives trying to tackle it

https://www.theguardian.com/cities/2016/oct/05/building-way-to-hell-readers-tales-gentrification-around-world

If this goes up.The rents will go up.Trust me.A lot of you people on wooster st. will be gone.

@Kevin McCarthy The New High Rents are what displace people.

posted by: Kevin McCarthy on January 10, 2018  8:56pm

3/5ths, geography matters. Developments in Brooklyn don’t affect the New Haven housing market. If a new market rate development goes in across the street from you, your landlord may very well increase your rent. But such impacts are limited in scope. When the Corsair apartments were built, a number of landlords in the immediate vicinity made improvements and presumably increased their rents. But this phenomenon is happening in the blocks closest to the Corsair.  If anything, the complex has tamped down rents in East Rock.

Rents are going up nationally, in neighborhoods that are gentrifying and those that are not. While there are a number of reasons for this increase, the reason does not matter if you’re spending half of your income on rent. Affordability is a real issue in New Haven. But it is an issue in neighborhoods that are miles away from new developments as well as those that have seen substantial development. Lots of people in the Annex struggle to pay their rent, even there have been no developments there and none are planned.

posted by: Kevin McCarthy on January 11, 2018  7:06am

Quinchionn, I think you are referring to this proposal.

http://www.rexdevelopment.org/images/PDFs/WoosterSquare/2016-12-19_Executive Summary_Edited.pdf

The State Street ideas start on page 20. I haven’t seen any follow-up, but that doesn’t mean there hasn’t been any.