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    Saturday, May 04, 2024

    New London to sign condominium development agreement

    New London — City officials on Wednesday will sign a development agreement for the Shipway 221 condominium project on Howard Street and a construction agreement for Parcel J, at the corner of Bank and Howard streets.

    In June and August, respectively, the City Council approved development agreements for Parcel J and Shipway 221.

    Parcel J is the site of a proposed 90-unit apartment complex, valued at $17 million. A.R. Building Co. is developing both this project and the 104-unit Mansfield Road Apartments, which is expected to open in the fall.

    Shipway 221 is a $30 million, 200-unit condominium project on parcels owned by Renaissance City Development Association.

    Mayor Michael Passero said in a news release that with Electric Boat expecting to hire thousands of new employees in the next decade, the city is answering the question of, "Where are all these new employees going to live?" with the three projects.

    These developments come as the city works to draw in other potential developments. In June, Passero met in Boston with real estate developers John E. Drew and Michael Keyes, Legal Sea Foods President and CEO Roger Berkowitz, and former Boston Redevelopment Authority Vice Chairman Paul Foster.

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