Rabina Puts on Brakes

    Citing economic woes and a saturated housing market, the proposed Rabina project at the former Pratt & Whitney campus on Washington Avenue has been postponed for the foreseeable future.

    The $500 million mixed-use development would include retail, commercial, and residential space and would generate revenue of about $15 million a year, according to Economic Development Commission Chairman Ralph Durante.

    Rabina Properties’ Principal Mickey Rabina released a statement late last month regarding the delay.

    “Given the lack of vitality in the retail, commercial, and residential real estate markets and in anticipation of continuing challenges in the credit and lending markets, Rabina Properties has made a decision to reevaluate its plans for the development of its property on Washington Avenue in North Haven,” said Rabina. “The successful development of a significant, mixed-use project, like the one envisioned for this property, is unachievable under the economic conditions that exist now and are likely to exist in the foreseeable future.”

    But the company has more plans in North Haven, according to Rabina, who said the company will “begin the process of assessing other, more viable development options and future uses for the site.”

    According to First Selectman Janet McCarty, Rabina still has a presence in the town, even if not at the former Pratt & Whitney site.

    “His intentions to continue to work with us, to continue to be interested in developing that property was made perfectly clear by continuing to offer appeasement and help build the linear trail and we will continue to build Valley Service Road,” said McCarty.

    According to McCarty, Rabina will give the town the land necessary to extend the Quinnipiac Linear Trail, which is planned to run from Wallingford to Meriden.

    McCarty made clear that she feels the town worked with Rabina as much as possible since the project’s inception and that no roadblocks with the town had led to this.

    “It’s sad because it’s a fabulous project, but it’s completely understandable,” said the first selectman. “But it would have been much worse for North Haven if he started and had to stop.”

    McCarty said the town would continue construction of Valley Service Road, a road to connect the Pratt & Whitney site with Washington Avenue, with a $1.6 million grant.

    “There are hundreds of acres of developable land up there,” she said. “As a town we have land where we can develop and we need more economical development to continue the services the Town of North Haven demands.”

    And, according to McCarty, things could be much worse.

    “We haven’t spent any money we don’t have, I haven’t made any decisions to build new firehouses or hire new firefighters,” she said.

    The name of the game here is responsibility, McCarty said.

    “Mickey Rabina said it was clear to him it would have been irresponsible [to continue],” she said. “The credit market has dried up and retail has slowed down.”

    With a proposed 850 residential units at the proposed new complex on Washington Avenue and a slumped housing market, McCarty said the conclusion was obvious.

    “The last thing you want is someone to start and then stop. We have more houses on the market in North Haven than I’ve ever seen. Houses are staying on the market much longer, so to add another 850 housing units to that inventory would not be a wise business decision and [Rabina] is, above all, a very smart businessperson,” McCarty said. “It’s not what I wanted to hear, but it’s not unexpected.”