The redevelopment of the former New Haven Coliseum site is set to begin next year, now that a key agreement with the developer has been approved by the city.
The board of aldermen unanimously approved a development and land sale agreement late Monday with the Montreal-based developer who plans a $300 million-plus development of 700 residential units, an office tower, shops, restaurants and a hotel.
Developer Live Work Learn Play plans a range of housing options, including low, moderate and workforce housing. The project also calls for leasing to 35 small to mid-size businesses, plus up to 20 seasonal, incubator businesses.
The project is expected to take seven to ten years to complete and create 4,700 construction jobs. Once completed, the as-yet unnamed development will create 2,800 permanent jobs.
The redevelopment is part of the larger, “Downtown Crossing” project that seeks to reconnect the city, separated by the construction of the Route 34 connector in the 1960s. The connector was never completed.
A portion of the connector has already been closed and construction of a new $100 million headquarters building for Alexion Pharamaceuticals is underway.
“This project will create significant tax revenues for the city together along with construction and permanent jobs and will have a long term effect of revitalizing an underutilized area within the central business district as well as helping to create the conditions necessary for future commercial development throughout the city,” Mayor John DeStefano Jr. said, in a statement.