June 19, 2012 | last updated June 19, 2012 3:01 pm

CT giving Alexion $51M for New Haven move, 300 jobs

This sketch is of the proposed 400,000-square-foot building at Downtown Crossing and College Street in New Haven that would house Alexion's new headquarters.

The state is investing up to $51 million as part of its "First Five" program for biopharmaceutical company Alexion Pharmaceuticals to move its corporate headquarters from Cheshire to New Haven, adding up to 300 jobs there over the next few years.

As part of the deal, which will be funded by a combination of forgivable loans, grants, and tax credits, Alexion will become the anchor tenant in new, state-of-the-art 400,000 square-foot laboratory and office building being developed by Winstanley Enterprises in New Haven's Downtown Crossing on College Street.

The development will also include a separate 600 to 800 space parking garage; street-level retail shops and cafés along College Street; and infrastructure improvements including surrounding road improvements, rehabilitation of the College Street Bridge and access to the neighboring Air Rights garage.

Alexion will relocate its existing Connecticut workforce of more than 350 employees to the facility once it is complete and expects to create 200 to 300 new jobs in the state by 2017.

In addition, hundreds of jobs in service industries are expected to be created as a result of Alexion's move to New Haven.

The state is supporting the project with up to $51 million in assistance through the First Five program, which is administered by the Department of Economic and Community Development.

The perks include:

  • A 10-year loan of $20 million at a rate of 1% with principal and interest deferred for five years. Loan forgiveness of $16 to $20 million will be based on the creation of 200-300 full-time jobs;
  • A $6 million grant for laboratory construction and equipment;
  • Urban and Industrial Sites Reinvestment Tax Credits of up to $25 million.
Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll Should CT's legislature be in session year-round?<>
Most Popular on Facebook
Copyright 2017 New England Business Media