Roosevelt Island Octagon Developer Takes On New Project Near Yale University
The 3/25 NY Times profiled a new project being undertaken by Roosevelt Island Octagon developer Bruce Becker in New Haven near the campus of Yale University. According to the NY Times article:
... Bruce Becker, the president of Becker & Becker, a development firm in Fairfield, was among nine developers that competed for rights to the Chapel Street block. “I realized it was a once-in-a-lifetime opportunity to do a large transit-oriented development,” he said. “There weren’t any other sites like this in the state.”
His proposal — a 32-story apartment tower with high-efficiency green features, parking for train commuters and a bike shop and bike storage area — won the city’s approval.
When finished, the 500-unit tower will be the city’s second-tallest building after the Connecticut Financial Center and, eventually, its largest taxpaying structure. Right now, it is the most visible sign of downtown New Haven’s continuing appeal to private investors, even in the midst of a prolonged downturn.
While many large-scale developers are pulling back as they wait for the credit markets to ease up, Mr. Becker is moving his $180 million project along so fast that it is ahead of schedule.
... The all-equity project represents the first major new residential construction in the city center in at least 20 years, Mr. Becker said. The majority owner is the Multi-Employer Property Trust, a real estate equity fund representing union pension plan investors....
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