New London — His name is becoming ubiquitous with the downtown business district.

Builder and downtown investor David Preka earlier this month completed the purchase of the vacant former Liberty Bank building at 61 Bank St. and is eyeing even more downtown properties.

One of them is the long-vacant Bulkeley House Saloon at 111 Bank St., which only recently emerged out of bankruptcy proceedings and went up for sale. Negotiations for the purchase are ongoing and Preka said it was still too early to discuss any plans for the building.

For now, the 49-year-old, Albanian-born Waterford resident, a married father of two young children, said he has his hands full with projects that will include a multimillion-dollar historical renovation of a vacant building at 3-5 S. Water St., behind the Oasis Pub at 16 Bank St. His plans for a nine-room boutique hotel at that location recently received a $450,000 financial boost from a Connecticut Communities Challenge grant program. The money was part of the $5.9 million coming to the city to help renovate downtown buildings with a goal of improving “livability and vibrancy.”

“It’s in tough shape,” Preka said of the South Water Street building, which according to public records was built in 1890. “It’s going to need absolutely a lot of work to bring this building back to life.”

He said once he buys a property, he looks to compete the renovations quickly and thoughtfully for the benefit not only of himself but of the entire downtown. He foresees the hotel, with a possible restaurant, being completed sometime next year.

Preka said he will start the permit process for the Liberty Bank property immediately and is already lining up the ground-level tenant for an office-type use of the space. He did not reveal specific plans and, because of zoning regulations, will have to obtain a special permit to situate anything other than retail space on the ground level. In the upstairs of the building, he said he plans to create three two-bedroom apartments and hopes to have the project completed this year.

Public records show Preka purchased the Liberty Bank building, built in 1905, for $380,000 on April 19.

Felix Reyes, director of the city’s Office of Development and Planning, said he sees Preka as part of the new generation of downtown investors buying and developing properties.

“David is not only investing in buildings but he’s also increasing the value of the assets around his properties,” Reyes said. “Projects like his start to create a trend, attracting other developments. (He) can see the potential of a completed project. That’s what we need more of.”

Preka said he thinks New London is on the upswing, has great potential only now being realized and “a lot of people will see New London differently in a few years.” Of empty downtown spaces, he said a few property owners are “holding properties hostage” with no immediate plans for renovations. He hopes that will change.

Reyes acknowledged that in stark contrast to Preka, some building owners have taken a passive approach to development and lagged in attracting small businesses to empty storefronts. The city continues to look for ways to apply pressure on building owners “who are just not being good stewards to their properties,” Reyes said.

It’s not just a New London problem, Reyes said, as many cities struggle with property owners who take on projects they either can’t finance or lack the ability to complete themselves. He did not cite specific examples.

“We understand development is difficult, especially with older buildings,” Reyes said. “There are unforeseen conditions that make older buildings difficult. Many have a vision, but some have run into hurdles they are struggling to overcome.”

Reyes said Preka has a proven track record of completing his projects.

Preka is the owner and president of Mystic-based Advanced Group LLC, a building, contracting and remodeling company. In 2020 he purchased Muddy Waters Cafe at 42 Bank St., a building he also has renovated. He now runs the popular downtown eatery, taking over from former co-owners Barry Neistat and Sue Devlin.

He’s also completed renovations at the former Roberts Audio at 90-94 Bank St., which houses New London Ink and was the former home of Berry’s Ice Cream and Candy Bar. He completed the deck expansion at Hot Rod Cafe at 114 Bank St.

With the planned construction of the National Coast Guard Museum on the horizon and creation of new residential properties in New London on the rise, Preka said, “I’m doing my part and trying to contribute personally.”

g.smith@theday.com