New York developer Vessel Technologies is build a 30-unit apartment complex in New London. Image courtesy of Vessel Technologies
While some Nutmeg State communities fight modest proposals for multifamily housing, the tiny southeastern Connecticut city of New London is welcoming new projects delivering hundreds of apartments to long-neglected parcels.
In the heart of the city’s Bank Street commercial district, New York-based Vessel Technologies is assembling 30 apartments using an innovative construction technique designed to make small-scale apartment projects financially feasible.
Candlebrook CEO Neil Rubler, who previously developed multifamily and student housing, founded Vessel Technologies in 2018 to pursue projects using panelized housing.
“Our focus is making the small sites viable that are the missing pieces in the downtowns, or the leftover parcels of a larger developer,” Rubler said. “These are projects that are generally viewed as too small by conventional developers, but it makes sense for us.”
Prefabricated building components such as walls are connected on-site, cutting conventional construction timelines in half, Rubler estimated, while reducing soft costs paid to consultants before groundbreaking.
“The months if not years that get invested in architects and engineers, we already have in the rear-view mirror,” Rubler said.
Completion of the 174 Bank St. project is scheduled for late summer, with rents of approximately $1,700 a month, he said.
Vessel Technologies completed its first project in 2022, comprising six units on a 7,080-square-foot lot in Trenton, New Jersey using components manufactured at the company’s plant in York, Pennsylvania. On Tuesday, the Cheshire Planning and Zoning Commission approved Vessel Technologies’ latest proposal for a 70-unit apartment building at 146 Realty Drive.
Lamont Spotlights Whaling City Activity
Spanning less than 6 square miles of land area, New London is Connecticut’s smallest city by geography. But it’s been punching above its weight in housing production, which hasn’t escaped the notice of Gov. Ned Lamont.
In April, Lamont toured a trio of New London development sites alongside local officials, singling out the city of 27,000 as a model of housing production that can alleviate the state’s high cost of living.
In his package of 2023 policy proposals unveiled in February, Lamont urged state legislators to approve a new program encouraging development of workforce and affordable housing.
The state’s Municipal Redevelopment Authority (MRDA) would seek proposals from communities that establish housing growth zones in downtown or transit-oriented neighborhoods and offer developers predictable permitting processes. State funding would prioritize communities’ proposals that allow multifamily and clustered “middle housing” development as-of-right.
Apartments Arrive at Fort Trumbull
A leading whaling port in the 1800s, New London’s economy became tied to the defense industry in the mid-20th century, including the region’s dominant employer, General Dynamics’ Electric Boat shipyard located just across the Thames River in Groton.
In 2001, New London tapped into the life science industry’s local presence, including Pfizer Inc.’s research and manufacturing facility in Groton. Pfizer agreed to develop a 750,000-square-foot R&D campus on New London’s Fort Trumbull peninsula.
After Pfizer closed the facility in 2009, local economic development officials have continued to market available parcels in the 33-acre Fort Trumbull District to developers, including multifamily housing specialists. Renaissance City Development Corp., a nonprofit economic development agency, oversees the 35-acre Fort Trumbull district.
The potential scale of multifamily development at Fort Trumbull got a boost this year, after state regulators lifted a cap on housing units. The state Department of Energy Environmental Protection raised the maximum housing units allowed in the district from 104 to 604, The Day newspaper of New London reported.
The decision cleared the way for approval of New Haven-based RJ Development + Advisors’ to acquire a 6-acre parcel at Fort Trumbull from the RCDS in January for $500,001. The company recently completed construction of “The Beam,” a 203-unit apartment complex on nearby Howard Street, which lists studio apartments renting for $1,500.
Another Fort Trumbull parcel was approved in 2021 for a 109-unit extended stay hotel and 104-unit apartment complex by Optimus Senior Living Group of Massachusetts, but construction has not started.
New London Mayor Michael Passero and Economic Development Director Felix Reyes did respond to a series of emails and phone messages from The Commercial Record seeking interviews about the city’s role in addressing the state’s housing crisis.
Renaissance City Development Corp. Executive Director Peter Davis did not respond to emails and voicemails from The Commercial Record regarding the status and timelines of development plans for the two remaining parcels.
Editor’s note: This report has been updated to correct the unit count of Vessel Technologies’ Bank Street property and the location of its production plant.
