New London – Four developers vying for a chance to purchase the former Lighthouse Inn property pitched their proposals to a subcommittee of the City Council on Monday, drawing murmurs of disapproval along with applause from a crowd of curious residents.

Each of the developers is hoping to be named the preferred developer of the site, and all have submitted proposals to buy and redevelop the rapidly deteriorating century-old inn at 48 Guthrie Place.

Of the four proposals, two call for restoration and operation of the inn as it once was and two propose to renovate the main mansion but concentrate on residential uses with a mix of either high-end apartments or townhouse-style condominiums.

Grand Slam Holdings partners Anthony Morascini and Norman Nadeau plan an initial investment of $3.5 million and are the local favorites based on the number of supporters who showed up to Monday's meeting. Julie Page, who presented for the partners, said along with a place for special events the plan is to allow full community access and seasonal community events.

Their proposal is for a 125-seat tavern with 45 rental rooms in the main mansion, along with a renovated spa, gift shop, commissioned artists’ guild and daycare, among other features. The group said they plan to use solar and other modern sustainable and ecologically friendly practices. They have asked for one year of tax abatements and, in an updated offer, said they will pay a $400,000 purchase price. Page said after the initial $3.5 million investment it could take another $6 million for continued restoration.

Certified Public Accountant Roger Bennett of Bloomfield plans to spend a total of $3 million to renovate the inn and has asked for no tax abatements. Bennett said he has been in discussions with The Newport Experience, a hospitality company specializing in waterfront wedding and events.

He has offered $350,000 for the inn, will self-finance the restoration and said he has a plan that involves choosing a developer “who can bring the project to fruition.” He said rather than the 51 rooms available on site he would have to create 60 rooms to make it a financially viable venture.

He said the idea of reopening the inn is more palatable than condominiums.

“I think the people of New London want to be able to walk down the street and have a drink if they want to,” Bennett said.

Some in the crowd, however, worried about the traffic and parking issues that might be associated with large gatherings.

Eric Hamburg, founder and president of Industrial Renaissance, plans to invest between $8 million and $11 million to renovate the mansion into luxury condominiums with careful attention to historical details while building between 25 and 50 more condominiums on the property in a “pocket townhouse style” development.

Hamburg said he is a “business turnaround specialist,” and the Lighthouse Inn caught his attention, he said, while he was renovating a group of townhouses at 1 Hamilton St., which were completed on Sept. 1.

He has asked for seven years of tax abatements but points out that his proposal would generate the most tax revenue for the city, which the city estimates at about $246,249 annually.

“It would be a showcase architectural property,” he said.

Rounding out the group was Claudio Marasco, representing Michael Dattilo, a principal at Water’s Edge Resort in Westbrook and Copper Beech Inn in Ivoryton.

Dattilo proposes a $10 million self-financed project with a $1 purchase price and 15 years of tax abatements. The abatements would be incorporated as an incentive to future owners of the 30 or more residential units on the property. Marasco said he envisions Victorian-style row houses along with restoration of the mansion with more rooms and perhaps a small, intimate eatery.

Marasco argues the setting is no longer appropriate for a large banquet facility as it has been in the past and the traffic and noise would impede on the residential character of the neighborhood.

Economic Development Coordinator Ned Hammond said the proposals will be posted on the city’s website and a public comment period will be scheduled for 6 p.m. Oct. 5, an hour before the City Council meeting.

Monday’s meeting was called by the Economic Development Committee of the City Council, whose members include Chairman Michael Passero, Martin Olsen and Efrain Dominguez.

The city’s Economic Development Commission, separate from the committee, is working independently to examine the proposals. Commission member Frank McLaughlin said members have already met with each of the developers and distributed surveys to neighbors of the property for input.

McLaughlin said after analyzing the responses the commission plans to make a presentation to the full City Council next week.

g.smith@theday.com

Twitter: @SmittyDay