Connecticut Commercial Real Estate News
from C. A. White, Inc.

Published October 19, 2004, Yale Daily News:

New apartments bring luxury to a 'forgotten' corner of downtown
BY PRIYA RAMAN
Contributing Reporter

For those disillusioned with their current accommodations, a new, albeit pricier, option is now available in downtown New Haven.

Realtors, contractors and government officials gathered for the dedication yesterday of the new CenterPointe Apartment complex, developed by C.A. White. The building, which sits on the southeast corner of Chapel and Church streets, offers 83 luxury apartments complete with wood floors and large glass windows.

The complex also offers a variety of amenities, including a fitness center and whirlpool baths, according to C.A. White's Web site. The apartments range from studios to duplexes, starting at $935 a month.

Two-thirds of the apartments have already been leased by new residents, including some graduate students.

New Haven Major John DeStefano Jr. said the building is important to the overall downtown revitalization.

"All of us feel strongly of Church and Chapel as the center of New Haven," DeStefano said. "Frankly -- it's just terrific to see this building being used."

Michael Schaffer, managing partner of C.A. White, said that among the most important proponents of the plan were Yale President Richard Levin and Vice President of New Haven and State Affairs Bruce Alexander, who helped C.A. White obtain funding by "discussing the importance of this project with the governor."

The funding for the project came from three primary components, Schaffer said. Of the $16 million invested in the project, $3 million came from a grant from the city of New Haven while $2 million was equity invested from Schaffer's firm. Roughly $11 million came from the federal Department of Housing and Urban Development.

Schaffer, who called the project a "labor of love, of fortitude, of trial" in his public comments, stressed the importance of the community in developing the complex.

"A project like this does not happen without a lot of support," Schaffer said.

Julie Fagan, Connecticut field office director of the Department of Housing and Urban Development, said she believes New Haven could use more projects like the CenterPointe Apartment complex.

"We look for partners who can create a difference in the community. These are the types of ventures we are willing to invest in," Fagan said.

Fagan, along with both DeStefano and Schaffer, said she thinks that the apartment complex is making a positive impact in the effort to redevelop the downtown area.

"It's already bringing in residents interested in the area," Fagan said.

Schaffer said the location of the apartment complex is key. Originally, New Haven's layout was comprised of eight "squares" that surrounded the New Haven Green. The area that the complex is located in, according to Schaffer, is part of the "forgotten ninth square."

"Technically, we are part of that redevelopment -- but if you look at traffic flow -- if you were to define the center of the city, it would be Church and Chapel," Schaffer said. "[It is an] intersection of commercial and retail activity."

The CenterPointe building, built in 1861, used to be the Cutler building and was at one point the tallest building in downtown New Haven.

>> read story on Yale Daily News site

March 2004: Now accepting leases for September 2004 for the Centerpointe Building > click for more info.

January 2004: New Haven, CT - C. A. White broker, Frank M. Micali, CCIM is awarded the 2003 Investment Sale of the Year award by the New Haven County Board of Realtors.  The sale involved 300 residential units for a sales price of $12,500,000.

November 2003: Downtown New Haven - Ground was broken October 22nd on the "Cutler Building" project, one of three projects that are part of the Ninth Square Phase II development. Phase II will complement the public/private partnership that began with Phase I in the early 1990s. Phase I was the first major mixed-use project to be undertaken downtown in its conversion of abandoned commercial space to residential space. Phase I added 335 residential units, approximately 50,000 square feet of retail and over 600 parking spaces. Phase II will add another 221 residential units with a mix of affordable and market rate, as well as 138 parking spaces and 25,000 square feet of renovated commercial space. The project is funded in part through a $13,166,154 grant from the state's Department of Economic & Community Development (DECD).

This project will combine the historic Cutler Building at Church and Chapel (see in picture to left) with the surrounding building that wraps around on both streets. The first floor will be maintained as retail, with 17,000 square feet opening up to the Green. The upper five floors will be renovated into 83 units of market-rate housing: 37 efficiencies, 33 one-bedroom and 13 two-bedroom units. Total project cost is $15 million.  Contact C.A. White, Inc. at 800.767.6891 for more information.

Above: Civil War Soldiers on New Haven Green in Front of Church & Chapel

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