Coastal Wealth building nears completion in Mystic
Mystic — Work is almost complete on the new home of Coastal Wealth Management, one of the largest buildings constructed here in recent years.
The more than 40-foot-tall, 9,800-square-foot building sits along Route 1 just west of Masons Island Road. The first floor contains the offices for the financial advisory company, while the second floor contains three spacious apartments. There is also a rooftop deck, which offers views of the Mystic River.
It’s among several projects under construction or about to start within a short distance just east of the downtown on the Stonington side of the village, all taking place during the COVID-19 pandemic.
The framing of a medical office and wellness building in front of the Naik family branch of the YMCA has begun. The former Windjammer liquor store building has been renovated into commercial and residential space and the former Broadway Auto building was torn down last week to make way for a small hotel.
While there have been rumors around the community that those behind the project were from out of town, Coastal Wealth CEO Jason Cerniglia wants residents to know that he not only lives in Mystic with his wife and children, but grew up here, attending Fitch High School and the University of Connecticut.
Cerniglia, who purchased Coastal Wealth, a franchise of Ameriprise Financial Services, in 2007, has operated in various locations around Mystic and has a second office in Glastonbury. Last year he purchased two adjacent parcels at the intersection of Allen Street, as he was looking for more space and a chance to have his own building.
“Having grown up here and building my business here, I saw this as an opportunity,” he said about the $2 million investment.
He admitted that having his own building is “a bit of an ego thing.”
“I’m very proud that we’ve built Coastal Wealth from scratch,” he said. “This building will be here long after I retire.”
Cerniglia said he'll have seven full-time employees in the new building and he plans to hire three more over the next year.
Visitors will enter a large vestibule and lobby, then head to one of nine offices.
The covered porch has rocking chairs. The exterior is gray clapboard with white trim and stone foundation and designed to fit the historical character of the village. Both floors have almost 10-foot ceilings. There is a landscaped parking lot with 27 spaces.
The general contractor for the project is Design View LLC of Montville.
On the second floor are two one-bedroom apartments, both of which have been rented. The two-bedroom, two-bathroom unit, which will rent for about $2,600 a month is still available. Tenants also can access the 30-by-30-foot rooftop deck.
Cerniglia said the building is slated to open in three weeks, although his office will continue to meet mostly by phone and virtually with clients due to the COVID-19 pandemic.
Stories that may interest you
Tribe that owns Foxwoods Resort Casino is expected to make an announcement next week regarding the reopening of the El San Juan Casino at the Fairmont El San Juan Hotel in Puerto Rico.
U.S. stocks are rallying to records Wednesday on encouraging earnings reports and continued optimism that new leadership in Washington will mean more support for the struggling economy
Sen. Richard Burr says the Justice Department has told him it will not prosecute him over stock sales made during the coronavirus pandemic, ending an insider trading investigation that led him to at least temporarily step aside from a powerful committee chairmanship last year