New London — A 98-unit residential complex planned for the corner of Bank and Howard streets won unanimous approval Thursday from the city’s Planning and Zoning Commission.

The proposed development will be built by A.R. Building Company on the long-vacant, city-owned land known as Parcel J, with parking shared with the adjacent Shaw’s Cove office complex.

The proposed agreement for Parcel J that was worked out by the Renaissance City Development Association and approved by the City Council includes a $650,000 purchase price for the land. Parcel J is a remnant of the Shaw's Cove Urban Renewal Plan that was approved by the city in 1973.

Pennsylvania-based A.R. Building Co., which has emerged as a major player in the local real estate market, completed a $15 million, 104-unit apartment complex at 60 Mansfield Road earlier this year. The company also has broken ground on a market-rate, 132-unit complex in Groton.

g.smith@theday.com