Science Park Development Corporation

Website: www.cityofnewhaven.com/EconomicDevelopment/SciencePark/index.asp
Phone: (203) 785-0840

Science Park at Yale was established in August of 1981 as a part of a cooperative effort by the City of New Haven, Connecticut, Yale University, and Olin Corporation to mobilize their considerable resources to create a new economic base at the site of an 80 acre, predominately vacant, industrial complex adjacent to the Yale Science Hill campus and in New Havens state-designated enterprise zone. Its goal is to further the revitalization of the City of New Haven through the development and enhancement of employment opportunities for area residents, relief of poverty and neighborhood tension, and the prevention of blight and deterioration in the surrounding Dixwell-Newhallville neighborhood area. The Park attracts start-up businesses and high technology firms, including biotech and light manufacturing and assembly industries. Biotech is one of the fastest growing industries in Connecticut. Several of Connecticuts public biotech companies started and reside in the Park. As a home base for new growth-oriented biotech, high tech and manufacturing companies, SPDC provides economic benefits to the City of New Haven as a whole, and offers indirect employment opportunities to area residents. Science Park is home to approximately 23 companies, ranging from expanding start-up ventures, to mature enterprises, and divisions of multinational corporations. These companies employ approximately 1,100 people and project a 4 percent job growth rate over the next four years. Tenant companies at Science Park benefit by being part of a dynamic R&D community and campus-like environment. These companies also benefit by association with Yale University, and are permitted the use of Yales library and various other facilities. In July of 1998, a commitment from the Connecticut Housing Finance Authority was approved for a total of $14 million. The funds were used to demolish obsolete structures, and to rehabilitate and/or construct new buildings in the Park. Yale University provided supporting funds during construction activities, Olin Corporation approved donation of additional land and facilities, and the City of New Haven provided contributions in the form of capital improvements. Due to these funds, a newly renovated and expanded 100,000 square foot building is now fully leased and occupied, primarily to companies in the biotech field. This building, in addition to pre-existing renovations and ground leases, brought the overall operating cash flow of SPDC positive for the first time in its history. In November 2000, SPDC entered into a development agreement and two ground lease agreements with Lyme Properties, LLC. Under these, and future anticipated ground lease agreements with SPDC, Lyme Properties will continue renovation and construction activities in Science Park over a planned ten year period. The current master plan anticipates a Science Park that is a vibrant, integral part of surrounding neighborhoods, New Haven, and Connecticut as a whole.

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