Image courtesy of Institutional Property Advisors

A 33-acre site primed for multifamily development is being offered for sale near the steadily-expanding Connecticut shipyard that builds half of the U.S. Navy’s submarines.

Institutional Property Advisors is representing the owners of 1214 Gold Star Highway in Groton, an LLC controlled by READCO Property Management according to state business records. The commercial brokerage is a division of Boston-based commercial real estate services firm Marcus & Millichap.

The largely wooded site a roughly 10-minute drive from General Dynamics Electric Boat shipyard is being offered for $11.5 million.

The site is zoned for multifamily development as-of-right, has site plan and Inland Wetlands approvals and has been approved to connect to the town’s sewer system, the listing states. Designs for a 460-unit development have progressed to 15 percent completion, but the buyer will be responsible for full architectural and building plans.

Fueled by U.S. Navy plans to expand its submarine fleet and the impending retirement of many older workers, Electric Boat has been on a campaign to hire around thousands of workers in recent years, including an 8,000-person target for 2026.