50 Fitch St New Haven, CT 06515

Property Details for 50 Fitch St

Lot size

3.32 lot acres

Property type

Land

Description

This exceptional 3.32-acre development site in New Haven, Connecticut, offers a fully approved plan for a 245-unit multi-family/assisted living community. The project encompasses 357,312 square feet of construction, strategically located adjacent to the West River in the desirable Westville neighborhood. The approved design includes a mix of studio, one, two, and three-bedroom apartments, along with three-bedroom townhouses. Ground-level retail space totaling 2,300 square feet is also included. Residents will enjoy extensive amenities, featuring 25,000 square feet of indoor and outdoor spaces, including a pool, gym, tenant lounge, pet spa, and cinema. Ample parking is provided with 219 spaces and 74 bicycle spaces. In compliance with Section 50-Inclusionary Zoning, 5% of the units (12 units) will be designated as affordable housing for those earning no more than 50% of the area median income. The site benefits from its proximity to Southern Connecticut State University, Albertus Magnus College, Yale University, Yale New Haven Hospital, and major transportation arteries, including Route 15, Interstate 91, Interstate 95, and Route 1. Westville offers a vibrant community atmosphere with shops, restaurants, and Edgewood Park. This prime location, coupled with the strong demand for housing in New Haven, presents a compelling investment opportunity. The existing high occupancy rates (97%+) and achievable rents of $3.50-$4.50 per square foot further underscore the project's potential. The relatively low affordable housing requirement (5%) significantly enhances the project's financial viability.