Connecticut Department of Transportation (ConnDOT)
In collaboration with HDR, HR&A is supporting the Connecticut Department of Transportation (CTDOT) in planning and soliciting a development team for the redevelopment of the publicly owned 1.77-acre East Lot Site at New Haven Union Station (NHUS). NHUS, a landmark train station listed on the National Register of Historic Places, serves as a vital regional and local hub, accommodating over 4 million passengers annually.Â
HR&A conducted a market sounding exercise to share the opportunity with the development community by attending national conferences and engaging in targeted follow-up conversations with identified developers. Building on this outreach, HR&A completed a market analysis to identify real estate trends in the primary market around NHUS and the broader city of New Haven. HR&A then conducted a financial feasibility analysis to evaluate the site’s highest and best use to understand the value of residential, ground floor retail, office, and hotel uses at the site. These tasks informed the development of a Request for Qualifications (RFQ), through which responses were evaluated to establish a shortlist of qualified developers for the Request for Proposals (RFP) stage.Â
During the drafting of the RFP, HR&A developed a detailed ground lease term sheet and financial offer template to support CTDOT in evaluating financial proposals and structuring a long-term ground lease. As the lead financial advisor to CTDOT and the Selection Committee, HR&A is responsible for assessing the financial plans and offers submitted by each proposer and providing a set of considerations and recommendations to inform the scoring of proposals. HR&A will continue to support CTDOT through a potential Best and Final Offer (BAFO) process, the selection of a development partner, and the negotiation of a development agreement.Â
