New London — A pair of preservation-minded developers have scooped up two aging downtown properties on Bank and State streets.

High Tide Capital completed the purchase of the former home of Jason’s Furniture at 133 Bank St. earlier this summer and this week closed on the Manwaring Building at 223-229 State St.

Developers already have obtained zoning approval to covert the existing commercial spaces on the second and third floors of the State Street building into market-rate modern apartments and the rear-facing spaces into five two-level, townhouse-style spaces.

There will be up to 21 units in all, with a restaurant space on the street level and gymnasium in the basement. The building has a dozen parking spaces and a pedestrian walkway to the adjacent parking garage.

Similar plans are in store for the Bank Street building, which now houses an indoor flea market and whose upper levels have views of the Thames River.

Dash Davidson, a partner in High Tide Capital, said he is excited about the opportunities in New London and hasn’t ruled out more purchases in the future based on the receptiveness of city leaders and organizations.

Davidson, the director of special projects with the Oakland Athletics Major League Baseball team, said he and his partner were attracted to New London because it has properties perfectly suited to his company’s business model: “buying and rehabilitating historic buildings.”

Davidson’s partner, Max Patinkin, is a real estate and private equity attorney at Paul Hastings LLP. The two are restoring a former bank building at 2 Hammond St. in Bangor, Maine, that houses the Bangor Chamber of Commerce. They are adding apartments to the upper floors and a speakeasy in the basement.

Davidson said he plans to seek consultation and/or certifications from the Connecticut State Historic Preservation Office and National Park Service for the Manwaring Building, mindful of the fact the building is situated in a nationally recognized historic district.

The Manwaring Building was constructed in 1913 to raise funds for a children’s hospital on Garfield Avenue that later was called the Manwaring Memorial Hospital, incorporated in 1905 after the death of Wolcott B. Manwaring, son of Dr. Robert A. and Ellen Manwaring. In its formative years, the building was home to an array of professionals and businesses, including doctors, dentists, lawyers, insurance companies and real estate firms. One tenant was N.J. Gorra & Bro., a luxury clothing company that occupied space in the building from 1913 to 1983.

The building was designed by Dudley St. Clair Donnelly, architect for a number of New London buildings, including the Dewart Building and Crocker House, according to information provided by New London Landmarks.

“We look forward to restoring the Manwaring to ensure that this beautiful and historic structure remains a mainstay in the community for decades to come,” Davidson said.

Public records show the building was purchased for $1.75 million from George Waterman, who also owns downtown’s Harris Place at 165 State St. Connie Howard, a Realtor with U.S. Properties, represented both the buyer and seller in the sale.

Davidson said he has agreed to maintain, preserve and display Waterman’s massive collection of art books now housed in the building and known as the Visual Art Library.

William Cornish sold his Bank Street building for $650,000. Cornish on Tuesday said he is exploring the idea of moving the indoor flea market to another of his properties at 24 Eugene O’Neill Drive, the vacant former home of Copperwood Grill.

g.smith@theday.com