Financing Secured, Work To Begin On $90M Winchester Green Development

NEW HAVEN, CT —Winchester Partners, a joint venture of Twining Properties and LMXD, a leading national mixed-income developer, announced that it has secured financing and will begin work in January on Winchester Green, a planned mixed-income and mixed-use development in New Haven’s Science Park.

The approximately $90 million Winchester Green development will rise five stories high on an underutilized surface parking lot and house 283 mixed-income apartments – with 57 of those reserved for households earning an average 50 percent of area median income – along with roughly 12,800 square feet of retail space.

The capital team for Winchester Partners is led by the Urban Investment Group (UIG) within Goldman Sachs Asset Management (Goldman Sachs) as the major investment partner and tax credit investor. The senior debt on the project is provided by KeyBank, along with a tax-exempt loan from the New Haven Housing Authority.

Prior to the Winchester Green closing, an affiliate of Winchester Partners, in conjunction with Science Park Development Corporation, secured a $5 million Urban Act Grant for the adjacent infrastructure project from the State of Connecticut Department of Economic and Community Development for two new private roads and a public park adjacent to Winchester Green. Winchester Green is expected to open in early 2026, with the infrastructure project expected to be complete at the end of 2025.

“New Haven is experiencing a resurgence of investment and inclusive revitalization,” said Jake Pine, the project’s Senior Director at LMXD. “We are thrilled that Winchester Green will be part of this mixed-income, mixed-use vision, and we deeply appreciate that our institutional and financial partners share the commitment to make this project happen.”

“Through a sustained commitment to the neighborhood from our private and public partners, we’re seeing real momentum in Science Park, which is quickly emerging as a revitalized hub of innovation for New Haven,” said Alex Twining, CEO of Twining Properties. “We are excited to open up the area with new access roads and a beautiful new park and to make Winchester a more accessible and welcoming place for all.”

“We are proud to deepen our commitment to New Haven,” said Sherry Wang, Managing Director and co-Head of the Urban Investment Group within Goldman Sachs Asset Management. “Winchester Green will bring mixed-income housing to a storied site that has been vacant for decades and is a strong example of the public and private sectors persistently working together to provide quality solutions for residents in the community.”

“KeyBank is excited to be a part of Winchester Partners’ investment and commitment to build stable mixed income housing that serves all in the community,” said Eric Steinberg, Senior Vice President with KeyBank Community Development Lending and Investment. “Our team is committed to financing projects which provide neighborhoods greater access to affordable housing and spurs local economic activity.”

“Winchester Partners will transform Science Park both as an economic driver and a vibrant neighborhood consistent with a citywide approach to inclusive growth,” said Deputy Mayor Michael Piscitelli, Economic Development Administrator. “With both financial and technical support, our team of inspectors, planners and housing experts are excited to move into the implementation phase of this important project.”

“The Glendower Group addresses the need for housing that is affordable in our community in many ways including partnerships with other developers around bond financing to ensure inclusion of affordable units,” said Karen DuBois-Walton, President of New Haven Housing Authority. “We are proud to have partnered with the team at LMXD and Twining Properties on the Winchester Green deal which will include 57 new affordable units. Through Elm City Communities’ bond authority, we helped raise $10.5 million dollars in this deal which will revitalize a long-standing vacant parking lot into a new desirable mixed income community.”

“It will be great to see the 21st ward and the area where I grew up become a vibrant community,” said Troy Streater, Alder of the 21st Ward. “This mixed income project is a breath of fresh air and I welcome it.”

“Science Park Development Corporation is heartened by the continuing interest in the redevelopment of the Park,” said David Silverstone, CEO and Chair, Science Park Development Corporation. “We welcome this development team to the Park and are excited by the opportunities it presents to add to the revitalization efforts.”

Supported by the State of Connecticut Department of Economic and Community Development through a $5 million Urban Act Grant, the infrastructure project will improve the public realm by extending streets through the development to reconnect the Dixwell and Newhallville neighborhoods, a long-held priority of the City of New Haven, and a public park. The new road running north to south through the Science Park area will be called Sheffield Avenue Extension. The new road running east to west will be called Mason Street and connects Winchester Avenue to Mansfield Street. Along Mason Street, the front entrance to Winchester Lofts apartments and the new Winchester Green building will overlook the new Mason Place Park. Winchester Partners has also made a $250,000 contribution to the City of New Haven to support the construction of a new park in the nearby community.

Winchester Green is the next phase of Winchester Partners’ Winchester Center master plan initiative to revitalize the former Winchester Arms factory complex into a vibrant campus with jobs, shops, and housing. Winchester Green builds upon the ongoing revitalization of Science Park, which includes 158 units of housing and 150,000 sq ft of fully leased lab and office space at 4 and 5 Science Park. At completion, Winchester Center could include over 1,000 apartments, retail, parks, and 500,000 square feet of lab space.