$60 million invested by private developers to provide needed housing for growing workforce
(New London, CT, August 30, 2017) – The City of New London has signed an agreement for construction of a new, 130 residential units on Parcel J the last Urban Renewal parcel at the corner of Bank and Howard Streets.
The newly signed agreement is the latest of three significant developments either planned for, or near completion, within the City of New London:
Residential Development for Parcel J, corner of Bank and Howard Streets; 137 rental units, total value $20 million. The developer is A.R. Building Company (www.arbuilding.com) of Seven Fields, PA. A.R. Building was chosen as developer for this City-owned property, which is the last parcel of available land in the Shaw’s Cove Business Park.
Mansfield Road Apartments: 104 rental units, total value $14 million. A.R. Building Company also developed this project.
RJ Development + Advisors (RJDA) plans a 197 unit market rate apartment project to be built on Parcels 5C1 and 5C2, which are owned by the Renaissance City Development Association (RCDA). The total value of this project is approximately $30 million, with ground breaking scheduled for Summer 2020.
These three new residential developments are within close range of the General Dynamics Electric Boat campus at Fort Trumbull. The company now employs 15,000 people, and counting for attrition and new submarine construction work, will need to hire thousands of more in the next decade.
“Where are all these new employees going to live?,” asked Michael Passero, Mayor of New London. “New London is answering that question with real development, and these three projects prove it.”
“The continuing growth of EB’s workforce and the incorporation of Lawrence and Memorial Hospital into the Yale New Haven Health System are providing incredible economic growth in New London,” said Linda Mariani, President of RCDA. “New London is on the move and is a great place to live, work and invest.”
These three agreements come as New London attracts even more attention from potential developers who are interested in what New London has to offer.