by Thomas MacMillan | Jan 4, 2011 8:36 am

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Posted to: Business/ Economic Development, Higher Ed

As aldermen gave Yale the green light to drop $600 million on two new residential colleges, Alderman Jorge Perez touted the benefits to the city: jobs, fees, and an increase in Yale’s voluntary payment to the city.

The Board of Aldermen voted Monday night to approve a Planned Development District (PDD) for the construction of two new residential buildings at the corner of Prospect and Sachem Streets. The two new colleges will hold over 800 students, in a move that will expand the university’s student body overall. The project is due to be complete in 2015 at an estimated cost of $600 million.

Monday’s approval was the final of several won by Yale in the last several months. The plan passed through the City Plan Commission and the Board of Aldermen’s Legislation Committee on the way to the full board.

Hill Alderman Perez, the chair of the Legislation Committee, stood on Monday evening “with great pleasure” to urge his colleagues to support the PDD.

The project is not taking any property off the tax rolls, Perez said. The PDD will allow Yale and the city to have greater control over the zoning regulations that govern the sight, he said.

The two new colleges, designed by Robert Stern, the dean of the Yale architecture school, are designed to fit in with the surrounding neighborhoods, Perez said. Plans call for two towers. There will be a theater with 250 seats and a public walkway. The construction will be LEED Gold certified, and Yale has promised to work with the city to preserve as many existing trees as possible, Perez said.

Construction will generate $9.7 million in building fees and 100 new construction jobs, Perez said. With the expansion to Yale’s student body, the new colleges will also generate new permanent jobs, he said. Yale also plans to increase its voluntary payment to the city, he said.