New Haven company plans $6.2 million ‘shell’ building in proposed industrial park
A New Haven company is seeking tax incentives on a proposed $6.24 million, 100,000-square-foot “shell” building it plans to develop in a proposed industrial park near U.S. 24.
In an application to be considered Tuesday by New Haven City Council, Cedar Oak Ventures states it bought the site at 10511 Rose Lane in 2016 as part of a 56-acre deal with the Parker-Hannifin Corp. Since then, the company has leased Parker-Hannifin’s structure two two tenants and built a facility for its affiliate, Continental Diamond Tool. But two undeveloped sites remain, and Cedar Oak intends to erect a shell building on both, starting with the current proposal.
“Shell” buildings are erected while leaving the interior largely incomplete and are often sought by tenants needing to relocate or expand quickly.
“It is the company’s desire to develop the overall land as an integrated industrial park,” the application states. “(In 2016 the) land was deteriorating over time with lack of recent real investment . . . this land is starving for industrial development . Without incentives like a tax abatement, this would remain unused land. The land is ripe for industrial development.”
If approved, the abatement would reduce the company’s real estate taxes by $902,940 over 10 years while paying $912,181 during that same period.
As a “shell” building, the project would not immediately create employment except for construction jobs. Construction could start in May and be complete by March 2021.