Please do not leave this page until complete. This can take a few moments.
A 299-unit luxury rental complex that has helped transform New Haven’s Wooster Square neighborhood was introduced to the public on Wednesday.
Dignitaries and city officials cut the ribbon at the Olive & Wooster development. It is still getting some finishing touches from workers but is already 30% leased, according to developer Darren Seid.
Seid's Epimoni Corp. and Adam America teamed up on the project, which has been in some stage of the development process for nearly a decade.
“To play a role in the revitalization of this pocket of New Haven is extremely gratifying for us,” Seid said. “We were able to help stitch together this gorgeous and picturesque pocket of New Haven with downtown, the Hill, and the biotech haven being developed up the road en route to Yale New Haven Hospital, all the while being just a stone's throw from the downtown city center.”
With upscale touches like a pool, indoor courtyard, a working fireplace in a common area and faux-slate flooring, Olive & Wooster is pitched to renters in the market for one-bedrooms that start in the $2,200-a-month range.
Those on tighter budgets can opt for a “cooperative” apartment, in which each bedroom is leased separately with some shared common space.
Seid said he was happy with the pace of leasing so far, even as other developments in the immediate area are due to come online in coming months for a total of nearly 1,000 new units in the area.
“It's moving along very smoothly,” Seid said, adding that the development was designed for completion in stages.
Three-bedroom apartments have been selling the most briskly, he added, to a mix of tenants including Yale affiliates and families.
Seid also emphasized the importance of the development's ground-floor retail spaces, which add 8,000 square feet of retail adjacent to the pizzerias of Wooster Street. The developer said he is negotiating with several prospective retail tenants.
"Knowing what I know now about New Haven, I could not have hand-picked a better location for new multifamily development with a retail corridor ripe for activation,” Seid said.
Seid is also moving ahead on a separate, 186-unit rental complex at 20 and 34 Fair St., across a now-closed street from Olive & Wooster.
Prior to helping to cut the ribbon on the Olive & Wooster project, Mayor Justin Elicker said, "There's so much going on in this city. And it's just exciting to feel that kind of energy. People are betting on the future of New Haven and this project shows just that.”
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.Learn more
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.Subscribe
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!Read Here
In order to use this feature, we need some information from you. You can also login or register for a free account.