New London — The Chamber of Commerce of Eastern Connecticut has found a new home in the heart of downtown New London.

Chamber President and CEO Tony Sheridan announced Tuesday that, thanks in no small part to a $1.4 million anticipated commitment from the state, the chamber plans to purchase 92 Eugene O’Neill Drive for its headquarters and create a startup incubator and co-working space.

Now located in Waterford, the chamber anticipates a ribbon-cutting ceremony at the new location sometime in October.  

The Thames River Innovation Center will aid in regional entrepreneurial training and job growth efforts. When fully operational, Sheridan predicts the center will support the creation of 100 new jobs annually and 100 new businesses over the next decade.

Sheridan was joined by Gov. Ned Lamont, New London Mayor Michael Passero, chamber board Chairman Stephen Coan, state Sen. Paul Formica, R-East Lyme, and state Rep. Anthony Nolan, D-New London, at 92 Eugene O’Neill on Tuesday to announce the initiative.

The center will focus on entrepreneurial training, technical apprenticeships and business development, as well as advising entrepreneurs, including immigrants, of existing region and local permit requirements for forming a new company, Sheridan said.

“The governor made a commitment to work on revitalizing our inner cities and this project, along with the state's and private investment in the redevelopment of the State Pier, begins to address this commitment,” he said.

The entrepreneurial training will include a 10-week curriculum-based program designed to help emerging entrepreneurs formulate their business or service ideas and develop a basic understanding of how to start a business.

The choice of an urban center for the facility meets the chamber’s goals of not only being close to some of the region’s largest employers but also close to historically underserved neighborhoods. Sheridan said part of the focus will be helping minority and immigrant-owned businesses launch. Flags from various countries representing immigrants in the region will fly along the outside of the building, he said.

The vacant office building is the former home of Merrill Lynch, which moved out in 2018 after two decades at that location. The building is owned by Old Lyme-based READCO, whose Chief Operating Officer Michael Lech said he was excited at the prospect of the office space becoming an integral part of the economic development of the city.

The chamber has a sales and purchase agreement for the building for an undisclosed price but has not yet closed on the property. Lamont said the State Bond Commission is expected to approve the application for $1.4 million at its meeting on March 31. Sheridan said the chamber, which will operate the center with its 1,400 member businesses, plans to match that amount.

“The needs of businesses and our economy are constantly evolving, and having a business incubator like the one being proposed in New London will provide workers throughout the region with a resource to build their skill sets and become matched with prospective employers,” Lamont said in prepared remarks.

“By partnering with the Chamber of Commerce of Eastern Connecticut and its many members, we can help ensure that the region continues to grow with the needs of the business community,” he said.

The Chamber of Commerce of Eastern Connecticut previously secured $420,000 in funding from Thames River Innovation Place, or TRIP, for creation of the initiative and development of the curriculum. TRIP had prioritized maritime technology or “Blue Economy” projects. Plans for the innovation center were put on hold during the coronavirus pandemic.

Coan, chairman of the chamber's board, said people have a perception that chambers of commerce only attend ribbon-cuttings.

“But the real work of the chamber is economic development and today we celebrate a city that’s really developing in incredible ways and developing a new kind of economy, a blue economy. That blue economy calls for new kinds of businesses. It calls for new resources that can be put forward to train people ... and to make sure that economy doesn’t leave people behind,” Coan said.

The Chamber of Commerce of Southeastern Connecticut started in 1920 in New London.

“Bringing the chamber of commerce back to its historic home in the heart of New London’s downtown business district has been an integral part of the vision for the city’s rebirth as the economic center of southeastern Connecticut,” Passero said.

g.smith@theday.com