About The Project
The Principals of RJ Development + Advisors (“RJDA”) are responsible for the development of the Route 34 West masterplan of development in New Haven, CT. The Route 34 West development started in 2014 as a 5.4-Acre surface parking lot owned by the City of New Haven (“City”).
RJDA worked successfully with the City to negotiate a comprehensive public-private-partnership (“PPP”). Under this PPP, RJDA oversaw the successful design, engineering, permitting, community outreach, and development of the masterplan. This effort resulted in over 350,000 square feet of new construction delivered at the site, including: a 30,000 square foot built-to-suit corporate class-A headquarters for Continuum of Care Inc; a 28,589 square foot community-serving retail center anchored by Rite-Aid Pharmacy; a 763 space structured parking garage, and a 71,430 square foot Cambria® Hotel. Total development cost of the masterplan exceeded $80MM.
The overall masterplan of development was built out over three phases with the final phase, the ~$30MM Cambria® Hotels by Choice Hotels International, completed in December 2022. A unique financing structure was applied to capitalize components of the development including: State of CT bond funds, New Market Tax Credits, senior bank debt, and private equity capital. The Continuum of Care headquarters facility was the first project in the State of CT to combine New Market Tax Credits with State bond funds in the same capital structure.
