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Why Did the Housing Authority Just Buy a Clock Shop?
New Haven’s Historic Clock Factory to Become 130 Affordable Homes
After 16 years of twists and turns, a beloved local landmark is getting a fresh start as affordable housing.
The Big News in Simple Terms
TL;DR: New Haven’s Housing Authority just bought the old Hamilton Street clock factory for $4 million. They plan to turn this historic building into 130 affordable apartments for low- and moderate-income families. Construction should start in early 2028.
Why This Building Is Special
The former clock factory at 133 Hamilton Street isn’t just any old building. It’s a New Haven legend with a wild past:
- Once housed a troupe of mimes
- Hosted a hardcore rock club
- Was a Black dance club
- Served as headquarters for the "Bad Ass White Boys" motorcycle club
- Even had a strip club with a swimming pool built into its ceiling!
Local developer Bill Kraus fell in love with the building the moment he saw it. He’s been trying to save it since 2009 — that’s 16 years of dedication!
The Long Road to This Moment
A Timeline of Twists and Turns
| Year | What Happened |
|---|---|
| 1990s | Bill Kraus learns about the building from arts visionary Bitsie Clark |
| 2009 | Kraus begins working with the owners’ daughters to save the property |
| 2018 | Property sold to Taom Heritage (a development company) |
| 2023 | Taom Heritage faces tax foreclosure; Housing Authority steps in with $4.5M offer |
| 2025 | Kraus leads bankruptcy lawsuit to take control of the property |
| December 2025 | Housing Authority board approves $1M predevelopment loan + $21M in bonds |
| May 2026 | Sale finalized at $4 million (price dropped because Housing Authority took on cleanup costs) |
What Happens Next?
The Housing Authority’s Game Plan
- Secure the building — Fix broken windows, lock doors, add exterior lighting
- Hire the team — Architect and contractor coming aboard within 30 days
- Design the apartments — Plan 130 units for low/moderate-income households
- Start construction — Target: First half of 2028
- Welcome residents — Goal: Lease most units by 2032
Money Matters: The whole project will cost about $70 million. Funding comes from a mix of:
- Tax-exempt bonds (government-backed loans with tax benefits)
- Low-Income Housing Tax Credits (incentives for developers)
- Historic Tax Credits (bonuses for saving old buildings)
- State and federal grants
- Private investment
Why This Matters for New Haven
Three Big Wins
- Affordable Homes — 130 families get quality housing they can afford
- History Preserved — A beloved landmark gets saved, not demolished
- Jobs & Economy — Construction jobs now, community vitality later
Team Effort
This didn’t happen alone. Key players include:
- Housing Authority (HANH) — Leading the project
- Bill Kraus — Staying on as historic preservation consultant
- Glendower Group — Housing Authority’s nonprofit development arm
- State DECD — Provided a $4M forgivable loan for cleanup
- City of New Haven — Supported the process throughout
Important Points to Remember
KEY TAKEAWAYS
- Sale is DONE — Property officially transferred May 2026
- Price: $4 million (down from $4.5M due to cleanup agreement)
- 130 affordable units — All for low/moderate-income households
- $70M total project — Fully funded through public/private mix
- Construction starts ~2028 — Move-in around 2032
- Bill Kraus stays involved — As historic consultant (not owner)
- Part of bigger plan — Links to 2,490-unit Union Square project nearby
Summary
New Haven’s Housing Authority has finally closed on the historic Hamilton Street clock factory after a 16-year saga involving failed developers, tax foreclosure, bankruptcy, fires, and environmental cleanup. The $4 million purchase clears the way for a $70 million transformation into 130 affordable apartments.
Longtime champion Bill Kraus — who first dreamed of saving this building in 2009 — will stay on as a historic preservation consultant to help secure tax credits that make the project financially viable. Construction begins in early 2028, with families moving in by 2032.
This project preserves a piece of New Haven’s quirky history while addressing the city’s urgent need for affordable housing — a rare win-win for the community.
FAQ: Your Questions Answered
Why did the price drop from $4.5M to $4M?
The Housing Authority agreed to take on more of the environmental cleanup costs. The previous owner (Bill Kraus’s company) had already done about 90% of the remediation work.
What are "Low-Income Housing Tax Credits" and "Historic Tax Credits"?
Think of them as government coupons that reduce taxes for investors who fund affordable housing or historic building restoration. They make projects like this financially possible.
Who qualifies for these apartments?
Families earning low to moderate incomes — typically 60% or less of the area median income. Exact income limits will be set closer to move-in time.
What happens to the building’s historic character?
It will be preserved and restored! That’s why Historic Tax Credits are involved — they require maintaining the building’s historic features while adapting it for modern living.
Is this related to the Union Square project?
Yes! It’s part of the Housing Authority’s larger strategy that includes the massive 2,490-apartment Union Square development at the former Church Street South site near Union Station.
