Economic development is exploding in New London. And it’s happening across a variety of sectors, each complementing one another.
For generations, New London has benefited from its proximity to submarine manufacturer General Dynamics-Electric Boat across the Thames River. Now, however, the City’s economic foundation is being reinforced with a more diversified business portfolio yielding a $1 billion development pipeline.
New London economic development by the numbers:
- $1 billion in the ‘development pipeline’
- $290 million in taxable improvements from the ‘development pipeline’
- 1,250 additional housing units
- 5.5% increase in Grand List of taxable properties in 2021
- 9% increase in commercial real estate values in 2021
STATE PIER
State and private investments are transforming this facility into a modern marine cargo terminal and hub for offshore wind development along the East Coast.
- Nearly 200 construction jobs
- 80-120 full-time, sustainable jobs
- Staging, assembly, and shipping hub for offshore wind turbines
- First port to host the 472-foot Charybdis, the nation’s first off shore wind turbine installation vessel
- Heavy-lift capacity cargo terminal
- April 2023 completion date
NATIONAL COAST GUARD MUSEUM
To be built on the banks of the Thames River and adjacent to City Pier and the city’s Transportation Center, the National Coast Guard Museum will honor the heroic work of this branch of the U.S. Military.
- A 6-story, 80,000-square-foot museum
- Dedicated dock space for “America’s Tall Ship” Eagle
- A significant driver of tourism for the City and Region
COMMUNITY CENTER
Work is schedule to begin soon on the long-sought Community Center, which the current administration is now bringing to fruition.
- A 62,000-square-foot facility on 7 acres
- Two-court gymnasium, 6- to 8-lane pool, indoor track, turf fields, playground
- Classrooms, fitness center, multi-purpose rooms
- Home to Recreation Department and Youth Affairs
HOUSING BOOM
New London is in the midst of a housing boom, largely fueled by multi-billion-dollar defense contracts for construction of submarines by the Electric Boat Division of General Dynamics for the U.S. Navy. The City’s shoreline location and proximity to NY and Boston also is drawing new residents with remote-work capabilities.
- The Docks, a 137-unit apartment complex built by A.R. Building Co. opened in June at the corner of Bank and Howard streets
- A.R. Building recently opened a 104-unit complex on Mansfield Road
- An 86-unit complex by A.R. Building is under construction on Georgetown Road
- A 200-unit apartment complex is being built on Howard Street by RJ Development + Advisors
174 BANK STREET
Earning the dubious distinction of Bank Street’s “missing tooth” in the middle of other commercial properties, this site has been vacant since the 1980s. The City approved plans for an apartment building on the site in January.
- Five-story, 20-unit modular apartment building by Vessel Technologies Inc.
- State-of-the-art, energy-efficient building systems and materials
- Rooftop solar array
FORT TRUMBULL PENINSULA
Prior administrations were frustrated in their effort to bring development to this long vacant parcel. The current administration is succeeding in breathing new life into this historic waterfront section of the City.
- A 100-unit extended stay hotel being developed by Optimus Construction Management received zoning approvals in January
- A 100-unit apartment complex by Optimus Construction Management also received zoning approvals in January
New London is happening!
What does it mean to say New London is Happening?
Well, look around and it’s easy to see.
New businesses are bringing in new jobs. Entrepreneurs who recognized New London’s resurgence have already begun adding new housing downtown, around town, and waterfront townhouses. Our vibrant Downtown arts and culture scene, always the center of entertainment in the region, is now recognized as a Connecticut Cultural District.
Business, housing, arts and culture. It’s all Happening in New London.
New London is home to the historic and nationally acclaimed Garde Arts Center, restaurants that span a global palate, a top-25 beach, a waterfront park, a Northeast transportation hub with train, bus, and ferry services, and soon, the national Coast Guard Museum.
We’re home to magnet schools, colleges, the U.S. Coast Guard Academy, and the national Coast Guard Research and Development Center.
New London continues to benefit from a maritime economy as it has since the days of whaling. Our skilled workforce has built submarines for generations and now the Port of New London is also at the center of the transition to sustainable energy as a Northeast hub for the offshore wind industry.
So check out New London for jobs, shoreline living, and an arts scene that will keep you Happening too!
So check out New London for fun, for business, for a shoreline lifestyle. It’s all happening in New London!
New London is happening!
What does it mean to say New London is Happening?
Well, look around and it’s easy to see.
New businesses are bringing in new jobs. Entrepreneurs who recognized New London’s resurgence have already begun adding new housing downtown, around town, and waterfront townhouses. Our vibrant Downtown arts and culture scene, always the center of entertainment in the region, is now recognized as a Connecticut Cultural District.
Business, housing, arts and culture. It’s all Happening in New London.
New London is home to the historic and nationally acclaimed Garde Arts Center, restaurants that span a global palate, a top-25 beach, a waterfront park, a Northeast transportation hub with train, bus, and ferry services, and soon, the national Coast Guard Museum.
We’re home to magnet schools, colleges, the U.S. Coast Guard Academy, and the national Coast Guard Research and Development Center.
New London continues to benefit from a maritime economy as it has since the days of whaling. Our skilled workforce has built submarines for generations and now the Port of New London is also at the center of the transition to sustainable energy as a Northeast hub for the offshore wind industry.
So check out New London for jobs, shoreline living, and an arts scene that will keep you Happening too!
So check out New London for fun, for business, for a shoreline lifestyle. It’s all happening in New London!