NEW HAVEN, Conn. (WTNH) – The number of luxury apartments in New Haven is continuing to grow, some with expensive amenities and prices to match.
At the Pierpont, the expensive amenities go above and beyond; there’s a pool, a bowling alley, and a rooftop deck with cornhole games. The Pierpont is the fight addition to the City Crossing development built by developer Randy Salvatore.
“People now, they’re looking for lifestyle, and that’s really what we’re selling here. It’s not just apartments, we’re selling a lifestyle,” said Salvatore.
More buildings like the Pierpont with its luxurious lifestyle are popping up around New Haven, but with rent starting at nearly $2,000 a month for the smallest unit, many are asking who can afford them?
“One developer said to me recently that he rented up his entire building in about three months. So, basically, the demand is there,” said Steve Fontana, a deputy economic development director.
Fontana says it all started 12 years ago with the building of 360 State. It was a high-rise experiment, set on finding out the question, “Would people pay big money to live right in the heart of New Haven?”
The answer, developers found, was yes. Since then, the Corsair, The Audobon, and most recently Olive and Wooster were built.
So, the question remains: who is living in these buildings?
One answer would be Jason Horton, a resident of the Pierpont. He moved to New Haven from Cambridge about a year and a half ago.
“I work in finance. I work from home, which is great because it’s a lot more flexible. Bringing us down here to New Haven, my partner actually works at the hospital,” he said.
Yale University, the Yale-New Haven Hospital, and associated biotech bring in a lot of tenants. As a result, officials said that, unlike some cities, New Haven does not have to offer developers big tax breaks.
But what about those who cannot afford these prices?
A new city rule said that future construction such as these apartment projects must include a certain amount of affordable apartment units.
“If you build, substantially, any multi-family residential development in the city, you have to include a certain number of affordable units, at 50% of area median income, which is considered deeply affordable,” said Fontana.
There are much more developments coming, as 700 units are under construction right now, with 1,100 more set to begin construction in the next year. And this is all because people like this lifestyle.
“There’s a ton of great restaurants within walking distance of City Crossing and we have two dogs, and there’s a ton of great places to take the dogs,” noted Horton.
The Pierpont has its own dog run, and conference rooms for working from home, all on the same floor as that beautiful pool. As for all the competing buildings, Salvatore is accepting of the new additions.
“The more the merrier, and I really think in a lot of ways, it’s if you build it, they will come,” Salvatore said.