Earlier this month, a 1.8-acre property — which has approvals in place for a multifamily redevelopment — was listed for sale. The parcel at 446A Blake St. has been approved for 144 residential units to be completed over three phases. Phase one is a ground-up development of a new five-story, 55-unit apartment building. Phase two is an adaptive reuse of an existing 45,800-square-foot historic mill building, which is currently being used as office space, into 36 residential units. Phase three entails construction of a new five-story, 53-unit apartment building. Bradley Balletto, co-founder and investments managing director of Northeast Private Client Group, which has the listing, said it’s not uncommon for property owners to gain approvals for a development, and then sell the site before construction begins. Some owners are real estate investors who either don’t have the expertise to develop a site, or simply aren’t interested in taking the property through the construction phase.
https://www.hartfordbusiness.com/article/historic-new-haven-mill-site-approved-for-major-apartment-redevelopment-goes-up-for-sale