360 State Street: Real Options

In 2010 developer Bruce Becker (SOM ‘85) completed 360 State Street, a major new construction project in downtown New Haven. The building was a 32-story high-rise with 500 apartments, a parking garage, and a grocery store on the street level. The building was a remarkable accomplishment. Built during a recession in a neighborhood that the city's elite avoided, the development became an immediate success. In less than two years, the apartments were almost fully occupied, the grocery store was attracting 8,500 customers per week, and other landlords on the block began to open new businesses. For many New Haveners, the achievement of 360 State Street proved that after years of post-industrial decline, the city was finally experiencing a renaissance. Just west of the apartment building on the corner of Chapel and Orange Streets, a 6,000-square-foot pocket of land from the original parcel remained undeveloped in 2012. Becker was considering constructing a four story building with the upper