The city of New London has sold the last available development parcel in the Shaw’s Cove Industrial Park to a developer for a future multifamily development.

A.R. Building Co. acquired the 2.6-acre property, known as parcel J at the corner of Howard and Bank streets, for $650,000. The firm has proposed a 98-unit residential development on the site.

A.R. Building owns a portfolio of nearly 9,000 housing units in the eastern half of the U.S. Earlier this year, it completed the first major apartment complex built in New London in over a decade: a 104-unit property at 60 Mansfield Road.

“After 40 years, it’s time for Parcel J and Shaw’s Cove to join in the development boom we have been seeing in New London, I think this speaks to our continued economic growth as we move towards fully utilizing our business potential,” New London Mayor Michael Passero said in a statement.

The Shaw’s Cove redevelopment zone was created in 1973. All but two of the properties were developed by the New London Redevelopment Agency and Shaw’s Cove Park Assoc. in 1983, while Julian Enterprises developed parcel L for Dime Bank.