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Proposed development for Wooster Square may be changing hands; construction held up

NEW HAVEN — Another proposed major development may be changing hands.

Noel Petra’s approved development for 299 apartments at 87 Union St., in Wooster Square, is in negotiations with 44 Olive Investors LLC, a Delaware company.

A deal, which is still under discussion until at least March 20, was filed on the land records Tuesday in New Haven and a $1 million deposit put on the property.

Petra and his partner, David Adam Realty of Westport, first started discussing the Wooster Square apartment complex in 2014 and got city approval the next year.

Construction however was stymied for a time by a lawsuit brought by the parent of the nearby Strouse Adler apartments in 2015 in the former Smoothie Garment factory.

It was resolved in Petra’s favor when the court ruled PMC Property Group did not have standing to bring a challenge to the zone change for the proposal that would bring life to a dead zone along Union Street.

Adam America Real Estate is also named in the contract on the 87 Union St. property.

Adam America, according to its website, is a privately held real estate development and investment company. Founded in 2009, it has built multifamily apartments in New York, particularly in Brooklyn.

Centerplan, which built a 160-unit apartment building on College, George and Crown streets, was recently sold for $70 million, while Randy Salvatore’s Novela, 136 apartments on Chapel and Howe streets, sold for $40 million.

The Corsair, owned by Andy Montelli of Post Road Residential, a 235-unit apartment complex on State Street is also on the market.

Montelli, in a recent interview, said such sales are typical several years after construction when investors want to see a return on their money.

Spinnaker Real Estate Investments has bought several properties in New Haven, but continues to hit roadblocks in constructing 200 apartments on Chapel Street because of multiple suits by PMC, all of which Spinnaker have won.

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