District

District is a unique social and community impact project that redeveloped a former State of Connecticut bus depot site in the City of New Haven, into a technology and innovation workplace campus offering over 100,000 square feet of flexible, affordable retail and office space and resources for media, light manufacturing, technology, and creative companies and entrepreneurs. District is a place to launch start-ups that would not have had another affordable option and to retain growing businesses that would have been forced to relocate outside of New Haven without comparable quality space. 

Investment Type
Project financing included $16.0 million in New Markets Tax Credit allocation, of which Rose Urban Green Fund provided $7.0 million and $9.0 million was provided from Brownfield Revitalization CDE.  Northern Trust Bank is the NMTC investor. The project also received local city and State support including a $5.5M grant from the State of Connecticut.

Market
District is situated in a highly distressed census tract that at the time of closing had a 36.14% Median Family Income, a 22.10% poverty rate, and a 9.9% unemployment rate that was more than 1.25x the National Average.  District sits between the East Rock Community and Fair Haven Community.  East Rock historically has been the community and preferred destination for Yale University’s Hospital faculty, doctors and residents and one of the highest levels of education and employment.  In contrast, the neighboring Fair Haven community was underserved, with a high minority population and high levels of poverty and unemployment.  The District project acts as a bridge between the communities and is a successful example of providing affordable access to community programs, employment and opportunity to the historically underserved low-income community.

Community Impact
The District project is providing a significant number of new quality jobs with a projected total of over 200 new jobs by the end of its compliance period with the majority paying at or above the living wage and at least 50% of jobs provided to local residents.

Examples of programs directly impacting the surrounding community include; recruitment of individuals without prerequisites to train as software engineers at no cost during the 2 year program through an income share agreement upon graduation and job-placement; donation of facility space to the Women’s Business Development Council (a non-profit supporting economic prosperity for women) to hold seminars for female entrepreneurs; free programming designed to help kids aged 10-15 learn about future career opportunities alongside a mental health “calm” training component to teach about the connection between the mind and body; and a mentorship program partnership between the District Athletic Club tenant and local community substance abuse treatment facility to provide training for facility residents as well as pathway for job opportunities for the residents upon completion of treatment.

Partnerships have also been established with neighborhood groups such as the City of New Haven Parks and Recreations Department, the New Haven Board of Education and New Haven Academy to create programs giving the community direct access to the District Campus (including the state-of-the-art Amphitheater.) By design, the District is set up to provide a venue in the low -income community for educational, technological, and cultural advancement opportunities.

Environmental outcomes created by this project include extensive remediation of a former Brownfield site, meeting LEED silver standards for heating and cooling, providing parking for 50 bicycles, and a bike share program site for City of New Haven.  District has a near future goal of providing 100% of energy used by building with the installation of solar panels.

Developer/Sponsor
The project sponsors are local leaders in the New Haven community who run a development / construction company, Urbane Newhaven and a technology and digital branding and marketing firm, Digital Surgeons.

Investor
US Bank is the Investor in this project.