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                 Market News

Developer Looking to Convert Vacant Clock Factory

New Haven, CT – Reed Realty Group from Portland, Oregon is asking the City of New Haven for $400,000 in environmental clean-up help to renovate the old clock shop at 133 Hamilton Street. Along with a 15 year tax break, under guidelines in a state affordable housing law. The developer is planning on renovating the complex into 130 low and moderate-income apartments for artist. The 130,000 square foot complex has been vacant for more than 30 years.

The city has been trying to find someone to renovate the historic factory complex. The site needs $6.5 million in environmental clean-up. The state is expected to give them about $4 million under its brownfields loan program.   Reed Realty specializes in historic rehabs. This project will have its challenges since the building was built in different phases throughout many years. Crosskey Architects is the architect on this project. They are planning 100 different designs for the apartments due to the different floor levels and columns throughout. The apartments will be affordable 1 and 2 bedrooms. The developer will be working with the community to select tenants for the complex.

To read more in the New Haven Independent click here


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