New apartments to infuse city with energy, growth
Celebration of New Housing set for Thursday, June 24
The city is taking a big step forward to bring people here, as it’s poised to celebrate two new apartment buildings.
Developer A.R. Building Co., headquartered in Pittsburgh, will be on hand at 11 a.m. Thursday, June 24 for the celebration with city officials.
A ribbon-cutting will be held to mark rentals at The Docks, a 137-unit brand new luxury complex at Shaws Cove, which will be open immediately. The Chamber of Commerce of Eastern CT will participate in the ribbon-cutting.
Also, construction will begin right away on the Mansfield II project on Georgetown Road, which will contain 86-units. A groundbreaking ceremony to kick off construction on that complex will be held after the ribbon cutting at The Docks.
“The city is extremely grateful for both projects and pleased that they will elevate the city of New London by drawing more people to the city and the downtown area,” said New London Mayor Michael Passero. “New London is an extraordinary city. As this new housing leases up, the city is demonstrating that we’re a fabulous place to live, work, and raise a family.”
These new developments will increase the grand list, continuing the trend of lowering the city’s property tax burden. Also, the additional housing units will give the city an economic boost as the added residents will provide new customers for our local businesses.
These new housing developments are part of an economic recovery that is gaining steam and is being propelled by the region’s unique blue-tech economy.
Felix Reyes, the director of the city’s Office of Development and Planning, said the apartments will create foot traffic and help support downtown businesses.
“Many of the residents of these buildings will work at the varied businesses in New London, including at General Dynamics Electric Boat, which is the largest and most famous designer and builder of submarines in the world. We envision many of them walking to work, patronizing local businesses and infusing the downtown with energy and excitement,” Reyes said.
The complexes are part of $150 million in housing that A.R. Building Co., which has 9,000 apartments and other housing units for rent in the U.S., has brought to the region. Besides these two complexes, there is another at 60 Mansfield Road, and one in Groton.
Jason Kambitsis, of the A.R. Building Company, said he is thrilled to be part of such an important building project. “New London’s economic future is exciting, and we see a huge need for these apartments,” Kambitsis said. “We are glad we have been able to support New London through this important project.”