Image courtesy of Elkus Manfredi Architects

A much-anticipated new biotech building proposed for downtown New Haven still appears to be on track despite the economic upheaval caused by the COVID-19 pandemic.

The city’s economic development administrator submitted a development agreement and related documents to the city’s Board of Alders earlier this week that offer more details on the building Winstanley Enterprises has proposed.

The New Haven Independent first reported on the agreement.

New Haven commercial real estate experts say the city’s limited inventory of class A lab space and historically low lab rents are hampering the area’s nascent biotech industry from growing further locally.

Winstanley wants to build a $100 million new lab tower over the Oak Street Connector at 101 College St. to compliment its 100 College St. tower. The building wil be between 350,000 square feet and 550,000 square feet, and have up to 175 parking spaces plus a deal for up to 550 spaces at nearby city-owned garages. The Yale School of Medicine will be a core tenant, but the building will also include incubator space and will rent square footage to “mature” life science firms.

The incubator space will be offered to preexisting operators such the small business programs operated by the Elm City Innovation Collaborative, New Haven Small Business Academy, iHaven and Gateway Community College. The building will also include STEM classroom space for the city’s public schools.

The project’s construction will coincide with New Haven’s Downtown Crossing road reconstruction project, which seeks to rebuild the Oak Street Connector, which links the city to Interstate 95, to knit the city’s downtown more closely to the Hill-to-Downtown neighborhood and the MetroNorth and Amtrak trains at Union Station.