360 State Street Interior photo courtesy of Robert Benson Photography; 360 State Street Exterior photo courtesy of Bruce Becker
NEW HAVEN, CT - July 23, 2010 - After 21 months of construction, the much anticipated 360 State Street — Connecticut’s greenest and largest residential development — is set to open its doors in just over one week. The building, which boasts the largest fuel cell to operate in a residential building worldwide, is the first new major residential construction in New Haven in over 15 years.
Located at the corner of Chapel Street and State Street in the heart of downtown New Haven, the 32-story, 700,000 square foot building will offer 500 rental residences ranging from studios to three bedrooms and feature 28,000 square feet of retail space. With over 20% of the units already preleased, the building’s first 50 residents are scheduled to move in on August 1st.
Behind this pioneering project — one that turned a former surface parking lot into what is expected to be a model for the future of urban building and green technology Innovation — is Becker and Becker Associates, Inc., an integrated architecture and development firm. Innovation has led the second generation company to many recent great successes on challenging projects such as the LEED Silver certified Octagon, on Roosevelt Island in New York City and the Wauregan Hotel redevelopment in Norwich, CT, both once derelict properties now fully revitalized into thriving residential communities.
Becker+Becker has rapidly become a forerunner in green development with a strong social mission, and 360 State Street is the firm's most ambitious example to date. The development is set to maintain the highest level of Green by becoming a certified LEED Platinum Plan, the first of its kind to be recognized by the U.S. Green Building Council in the Pilot Neighborhood Development Program for exemplifying the principles of smart growth, urbanism, and green design prior to, during and post-construction. Expedited construction methods helped to achieve this. The use of pre-cast concrete floor planks and a staggered truss structural system allowed for a 25% reduction in steel, all mass-fabricated off site. The 400 kW fuel cell will provide nearly 100% of the building's thermal energy and reduce its carbon footprint by 50%.
Through groundbreaking wireless technology designed by Becker+Becker, residents at 360 State will be able to track and manage their individual electric, gas, and water use in real-time through a web portal that can be accessed through any computer or wireless phone. Tracking for individual apartments, as well as the entire building, will allow residents to become involved in green initiatives and also educated on how energy efficiency can be cost effective. If a resident departs for a vacation and leaves the lights on or the thermostat up, the energy management system will not only recognize that the apartment is vacant and reduce the energy levels, but will also send an email to let the resident know it has done so. Tenants can be proactive or reactive with this technology.
360 State is a significant departure from the commercial building conversions that have become typical of New Haven apartments “and more akin to what one would expect in high-end Manhattan buildings with floor-to-ceiling glass, top-notch finishes and fantastic common areas,” says Bruce Redman Becker, President of Becker+Becker Associates. “As both developer and architect we [Becker+Becker] were able to design attractive layouts with premium amenities and stunning views in a prime location where residents are within walking distance of the state’s best restaurants, museums and nightlife.” From the modern, open floor plans, oversized windows and the full size washer and dryer in every apartment, to every imaginable convenience at one’s doorstep, including its own MetroNorth train station directly across the street, the building delivers on its promise.
Residents will have access to over 36,000 square feet of amenity space including a spacious fitness center and yoga studio, resident lounge and game room with billiards, library, screening room and children's play room. Adding to the appeal is the building's 22,000 square foot roof terrace, which features a pool and sundeck surrounded by a landscaped garden and lawn. Other amenities include New Haven's only 24/7 concierge service. 360 State will also offer furnished short-term apartment rentals at rates much cheaper than any local hotel, "as a convenience for our residents — to offer to their friends or families,” added Becker. “We are very proud to bring this much needed lifestyle option to New Haven’s downtown.
The mixed-use development will house a public parking structure accommodating 500 cars and (perhaps not surprising due to New Haven's reputation as one of the most biking friendly cities in America) 200 bicycles. The garage will house a Zipcar car sharing program and electric car charging stations. New Haven’s first food co-op is planned in 20,000 square feet on the ground floor. This hybrid food co-op and full service supermarket is also a first for the New York Metropolitan region and will bring both natural and conventional groceries to a downtown that currently has no commercial grocery stores. Around 200 vendors are expected to supply products to the market. The Devil's Gear bike shop is also relocating to 360 State.
Situated just 3 blocks from both Yale University and historic Wooster Square, 360 State is within a short walk to the culture, arts and 30+ Zagat-rated restaurants that downtown New Haven has to offer. The sites “walk score*” is 95 – “a walker’s paradise”. With rental apartment vacancy rates in downtown New Haven under 2% even during the recession, the new development will allow more people to move downtown and experience a way of life that doesn’t depend on the automobile. The truly transit-oriented development is directly across the street from the State Street train station with daily service to New York City and Connecticut via the MetroNorth railroad and connection to Amtrak regional service and the Shoreline East. The site is accessible by all 3 main Connecticut Transit Bus stops within a ¼ mile of the project, offering 1025 rides per day. 360 State Street has been endorsed by 1000 Friends of Connecticut as exemplifying the objectives of smart growth.
Becker+Becker with financing from the Multi-Employer Property Trust began construction of the urban infill project in November 2008. The building is expected to be 100% complete by December 1st.
Market based incentives are being offered for the first two months; net effective rents from $1,165 for studios, $1,555 for one bedrooms, $2,325 for two bedrooms, and $4,409 for three bedroom apartments. 360 State is managed by Bozzuto Management Company. For more information, please contact the leasing office at 804 Chapel Street, 203.865.3600 or visit http://www.360statestreet.com/.
*Walk Score is a number between 0 and 100 that measures the walkability of any address. A Walk Score of 90-00 indicates that daily errands do not require a car. http://www.walkscore.com/
About Becker+Becker:
Founded in 1950, Becker and Becker Associates (B+B) is a full service green architecture, planning, preservation and real estate development firm providing integrated services to private, non-profit and governmental clients. The firm also develops multifamily and mixed-use projects for its own account. Over the past 20 years, B+B has participated in the planning, design and development of apartment communities and mixed use developments with more than 5,000 apartments
and a development cost of over $1 billion. B+B seeks projects that have a social and environmental value: restoring underutilized historic buildings and urban sites to provide housing, education, retail and child care facilities. The firm prides itself on developing creative solutions to complex challenges in land use planning, finance and architecture to create sustainable development. B+B strives to enrich the larger environment and community that its developments become a part of, and is committed to recognizing and addressing the vital social and environmental role of buildings. Good design and development result from a comprehensive understanding of how buildings should function, serve their users and affect the environment. Recent projects have been designed to have half the carbon footprint of conventional apartment buildings. For more info, go to http://beckerandbecker.com/
About Multi-Employer Property Trust:
Multi-Employer Property Trust (MEPT) is an open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in the United States. Founded in 1982, MEPT now has over $3.77 billion in net assets and has become one of the largest real estate equity funds in the US. MEPT's portfolio consists of 140 properties in 24 major metropolitan markets across the US. MEPT’s seasoned management team has created a diversified portfolio of top-quality, core, income-producing assets through acquisition, development, rehabilitation, or repositioning of undervalued assets. The Fund invests in office buildings, warehouses, flex/research and development facilities, apartments, retail centers, and hotels. For over 28 years, MEPT has consistently delivered competitive and stable returns for its investor base—now 330 pension plans— through an investment vehicle that offers strong governance and liquidity. In addition, MEPT is recognized as a pioneer in responsible property investing—it is the largest commingled real estate fund in the US that is signatory to the UN Principals for Responsible Investment (UN PRI). MEPT is an acknowledged leader in the USGBC's LEED green building and the EPA's ENERGY STAR programs and has, since inception, maintained a Responsible Contractor Policy that requires that all contractors working on its portfolio properties be signatory to collective bargaining agreements with legitimate trade unions. For more information please visit http://www.mept.com/
About Bozzuto Management Company:
Voted Property Management Company of the Year by the National Association of Home Builders (NAHB) in 2000 and 2009, Bozzuto Management Company offers the finest in apartment living and management services. With more than 100 properties in exceptional locations throughout the East Coast, Bozzuto Management Company provides a resident experience that is truly beyond compare. The company is a subsidiary of The Bozzuto Group, a full-service real estate firm headquartered in Greenbelt, Maryland. In addition to property management, Bozzuto is active in acquisitions, construction, development, homebuilding and land acquisition. For more information, please visit http://www.bozzuto.com/
