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February 21, 2020 REAL ESTATE ROUNDUP

Developer plans expansion of 900 Chapel St.

PHOTO | New Haven BIZ The former Chapel Square Mall building at 900 Chapel Street.

One of New Haven’s most prominent office and residential buildings is soon to expand.

Philadelphia-based PMC Property Management has presented plans for a two-story addition to the rear of the former Chapel Square Mall property that fronts on the lower Green.

According to published reports, a new addition to be constructed on the rear (south side) of the existing 12-story structure would house 30 mainly one-bedroom apartments.

PMC also has submitted plans to build a new nine-story apartment building at 232 State Street. The architect for both projects would be the Garvin Design Group of Columbia, S.C

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Wide variation of apartment rents in CT

Stamford remains Connecticut’s most expensive market for rental housing. The average monthly residential rental for January was $2,393, following an annual net increase of $43 during 2019.

At the opposite end of the spectrum, Waterbury is the state’s least expensive market for renters. The average residential rental unit in the Brass City commanded $950 per month — the only Connecticut market where monthly rents were less than $1,000.

Those figures were reported by Rent Café, a nationwide apartment search website, which tracks residential real estate costs throughout the U.S.

For New Haven, the average monthly rent for January stood at $1,703 — 21 percent higher than its inner ring suburb of Hamden, where reported monthly rents for January were $1,407.

That city-suburb discrepancy was unique to the state. More typical is the Hartford market, where average monthly rents in the city ($1,202) are barely half that of neighboring East Hartford, where the average monthly rent of $2,352 jumped by 5.0 percent in 2019.

The full Connecticut monthly rental report is available here.

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Tsai CITY to occupy new home in September

The Tsai Center for Innovation & Technology at Yale (Tsai CITY) will move into a home to call its own this September.

The 12,500-square-foot building on Becton Plaza will include a large, flexible workspace that can be configured for a variety of events, along with smaller meeting rooms and communal areas.

Artist’s rendering of meeting space in new Tsai CITY building on Becton Plaza, scheduled to open this September.

“The new building will be a game-changer for Yale students,” said Tsai CITY executive director Clare Leinweber. “It will contribute to a new center of gravity on campus for students exploring, building and launching new ideas for solving real-world problems.”

The building’s central location, along Yale’s rapidly growing innovation corridor between Prospect Street and Hillhouse Avenue, is intended to further boost its accessibility.

TRANSACTIONS

Cornell Scott Hill Health Center has entered into a 10-year lease on a freestanding 10,000-square-foot building at 410 Campbell Avenue, West Haven. The New Haven-based health-care provider was represented in the transaction by Mark Glassman of Arnold Peck’s Commercial World. Building owner Plimpton LLC was represented by Joel Nesson of Press/Cuozzo Commercial Services.

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