New London - Yehuda Amar sees a bright future for New London, and he's investing in it.

The Israeli-trained architect, who has business ventures in Manhattan, Long Island, Florida, Israel, Africa and elsewhere, has gutted and is rebuilding two Bank Street properties and is considering the purchase and renovation of the long-empty Lighthouse Inn.

"New London has so much," said Amar, on a walk-through of 153 Bank St., the former home of Modern Electric, that he and partners are converting to three street-level retail spaces and six upper-floor apartments. They are also rehabilitating the next door property - 147 Bank St. - to one first-floor retail space and three additional upstairs apartments.

With plans for construction of the National Coast Guard Museum in downtown New London starting to gain momentum, Amar, who has also invested in a home here and four condominium rental properties, sees opportunities for developers willing to make a commitment.

"There's so much here - the water, the history and the Coast Guard Museum, hopefully, will come," he said.

Amar's wife, Ilene, has relatives in the area, and that is how Yehuda Amar, whose home base is in Long Island, discovered New London. Ilene Amar's mother's father was a Solomon, related to the family that operated J. Solomon Inc. on Bank Street, for years.

Now Amar and his partners have hauled massive amounts of rubble and debris from the three- and four-story buildings and have carpenters, plumbers, electricians and other tradesmen and laborers working to have the properties ready for rental later this year.

Amar has also visited the Lighthouse Inn property several times and is talking to potential investors and partners about the possibility of doing something there.

His vision is to restore the inn and dining room to luxury accommodations and dining.

"It's tremendous to see someone come from out of town and come in and renovate old buildings," said Ned Hammond, the city's economic development coordinator who has met with Amar on the Lighthouse Inn property. "It's very costly, and they take a risk ... . These are leaps of faith for these investors and developers, and it is great news that it is being done."

Hammond said Amar is a seasoned businessman with many successful developments and investments, and he is confident he will find retail tenants for his Bank Street properties.

Amar said he owns dozens of food and beverage franchises in in malls and casinos, including Scoops R Us at the Toys"R"Us store in Times Square in New York City, as well as other retail businesses. Amar said he will use those connections to attract businesses to his New London storefronts.

"He has several businesses that operate out of New York City, and he has some great connections," Hammond said.

Joe Grillo, an investor with Amar in the Bank Street properties, said he was introduced to Amar and the project and decided to buy in.

Grillo's family has longtime ties to the city, and, after returning to southeastern Connecticut after 20 years in California, Grillo said he's invested, volunteered and contributed to local causes, including serving on the Renaissance City Development Association, which is tasked with developing Fort Trumbull.

"Someday people are going to figure out what a great little diamond in the rough New London is, and I want to get in on the front end of that," he said.

Grillo said he is buoyed by the fact that Amar's business connections and expertise will make the difficult job of finding retail tenants for the Bank Street properties more of a possibility.

"We'll get the apartments rented, and with some luck, the retail as well," Grillo said.

Amar said he operates retail establishments in multiple places and is working on a clean water program in West Africa and an agricultural venture in Morocco. He earned a degree in architecture in Israel, he said, but is more comfortable on a job site, directing development.

At 153 Bank St., which was built in 1927, the developers are matching the building's original red brick exterior, have gutted the interior and are building the retail and apartment spaces. At 147 Bank, which was built about 1900, Amar searched to find white brick to match the original.

At both properties, Amar has put in new windows, new roofs and utilities.

"Everything is new," he said.

The 8-foot-tall windows on the upper floors offer sweeping views of New London Harbor and the Northeast Corridor rail line, and Amar noted they open to allow breezes to cool the units in summertime.

He and his partners, doing business as Academy Group Properties, will invest about $1.2 million, including the $250,000 purchase price for the two properties, to ready the retail space and apartments for tenants, hopefully, Amar said, by summertime.

He complimented the city for its help in guiding the project and said he's hiring local tradesmen who are doing good work.

"The town," he said. "I like it."

a.baldelli@theday.com

Twitter: @annbaldelli