The Westville Gateway is a fully approved project located at 781 Whalley Avenue and 50 Fitch Street in the Westville/West Rock neighborhood of New Haven, Connecticut. This premier development represents a rare and lucrative opportunity for developers and investors. Offered at $9 million, the sale includes 3.62 acres of land, with complete site plan and coastal site plan approvals, for a 357,312-square-foot mixed-use building featuring 245 residential units and commercial retail space.
Positioned along the Westville/West Rock New Haven Line and nestled beside the picturesque West River, this development offers the perfect blend of natural beauty, historic charm, and modern luxury. The Westville Gateway is designed to capitalize on New Haven's thriving real estate market, supported by strong economic anchors such as Yale University and Yale New Haven Hospital.
Development Project Highlights
Residential Units: 245 total units, including a mix of studio, one-bedroom, two-bedroom, and three-bedroom apartments, as well as spacious 3-bedroom townhouses.
Retail and Parking: 2,300 square feet of retail space, 219 parking spaces (including a garage), and 74 bicycle spaces.
Amenities and Outdoor features: 25,000 square feet of indoor and outdoor amenities, including:
o Pool
o Fire Pits
o Rooftop Deck
o Private Terraces for Select Units
o Gym
o Tenant Lounge / Cinema
o Pet Spa
Public Amenities: Includes an accessible Riverwalk Trail along Wintergreen Brook and the West River.
Affordable Housing: 5% of units designated as affordable housing under New Haven’s inclusionary zoning ordinance, providing housing to those earning no more than 50% of the area median income.
Approvals in Place
-Site Plan and Coastal Site Plan Review approved by the City Plan Commission.
-Wetlands review completed with a "No Significant Impact" classification.
-Approvals valid through July 20, 2027, with potential for extension.
Financial Highlights
-Projected Stabilized Net Operating Income (NOI): $5,097,333.
-Estimated Valuation: $81,500,000 (6.8% capitalization rate).
-Debt Service Coverage Ratio (DSCR): 1.26x.
-Free Cash Flow: $1,136,821 annually.
Value-Add Potential
-Comparable Rents: Nearby properties like The Audubon command rents of $2,200 for studios, $2,800 for one-bedrooms, and $3,800 for two-bedrooms, indicating room for rent growth in this development.
-Grant Opportunities: Potential access for grant funding for remediation work, enhancing the project’s financial feasibility.
-Tax Abatement Incentives: Up to 7 years of tax abatement could be negotiated under New Haven’s updated tax assessment deferment program, which supports mixed-income developments with affordable housing components.
Market Overview: New Haven’s Real Estate Growth
New Haven’s real estate market continues to experience significant growth, supported by robust rental demand and a strong local economy. The city’s high occupancy rates reflect this demand, with comparable properties in the Westville and East Rock neighborhoods boasting over 95% occupancy rates.
Recent High-Value Transactions underscore the market's strength:
• The 360 State Street apartment tower sold for $160 million.
• The Westville Apartments sold for $28 million.
• The East Rock Apartments sold for $11.5 million.
Strategically Connected
The Westville Gateway is perfectly located for work, school, and leisure. Situated in Westville, a historic neighborhood in New Haven, CT, this development places you at the heart of a dynamic community known for its art, dining, shopping, and local events. Steps away is Edgewood Park, one of New Haven’s largest parks, offering trails, ponds, sports facilities, and more.
The Westville neighborhood is particularly attractive, offering a mix of suburban tranquility and urban convenience. Known for its vibrant arts scene, walkable streets, and proximity to downtown New Haven, Westville is a top choice for professionals, families, and students. Just moments from Yale University, Hopkins School, and the Yale New Haven Health System, Connecticut’s largest employer, this development provides convenient access to:
• Downtown New Haven
• Major highways (Route 15, I-91, I-95, and Route 1)
• Local transit options
• Access to shopping, dining, coffee shops, arts, theater, sciences and sports
West
A Thriving Community with Endless Potential
New Haven, Connecticut’s third-largest city, is home to a growing population of 135,000 residents and nearly 30,000 students across major institutions like Yale, Albertus Magnus, and Southern Connecticut State University. With a bustling hub of work and education activity, the city’s demand for high-quality apartment housing is ever-increasing—and The Westville Gateway is poised to meet that demand.
Conclusion
This is a premier development opportunity with significant upside potential. By acquiring the fully approved site, buyers can fast-track construction and capitalize on a growing market with high rental demand, strong financial metrics, and favorable local incentives.
Development Financing Options and Experienced Project Development and Management Options are also available.
Take the next step today and unlock the potential of The Westville Gateway. Whether you're a seasoned developer or an investor seeking a high-return venture, The Westville Gateway Luxury Development offers a fully approved solution to capitalize on New Haven's thriving market. Contact us now to learn more and schedule a site visit.
