NEW HAVEN, Conn., March 16, 2011 /PRNewswire/ -- Webster Bank today said that it had committed up to $4 million in construction as well as permanent financing for the Elm City Market to open a 24,000-square-foot cooperative food market in the new 360 State Street apartment tower downtown. The coop has been growing since its launch in the fall, with more than 450 members having already joined and the market scheduled to open this summer.
Bruce Becker, the developer of 360 State Street and a board member of Elm City Market, said, "As a hybrid coop that provides local, natural, organic, and conventional produce, meats, and groceries, Elm City Market will bring nutritional food all year round to Connecticut's most densely-populated downtown, a city center without a full-service grocery. The coop's membership campaign has exceeded expectations and I'm delighted that Webster Bank once again has demonstrated that it is Connecticut's bank and is providing crucial financing to get this project moving."
Jeff Klaus, Webster Bank's regional president, said, "Bruce Becker and his team have developed a signature project that is enhancing New Haven's already lively downtown scene. Just as 360 State has changed New Haven's skyline, Elm City Market will change the food landscape by providing New Haveners, downtown office workers, and visitors with a locally-owned, healthy, grocery store alternative. Elm City Market offers the perfect complement to 360 State Street."
Mayor John DeStefano added, "Elm City Market will add measurably to our quality of life and is yet further evidence of downtown New Haven's vitality. Webster Bank is once again demonstrating its commitment to our city and its roots as a Connecticut-based bank."
When completed, Elm City Market is expected to employ more than 100 people. According to Becker, 55 percent of the market's produce will be grown within 400 miles of the market. Financing for Elm City Market carries guarantees from the USDA- Rural Business Services and the Connecticut Development Authority.
Webster Financial Corporation is the holding company for Webster Bank, National Association. With $18 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust and investment services through 181 banking offices, 499 ATMs, telephone banking and the Internet. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and provides health savings account trustee and administrative services through HSA Bank, a division of Webster Bank. Member FDIC and equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.