Plans to replace the shuttered Red Lion Hotel in Cromwell with a mixed-use apartment development will cost about $100 million, developer Martin Kenny says.
Kenny is teaming up with frequent business partner Alan Lazowski and the current owner of the property – a limited liability company tied to California-based investment management firm M360 Advisors.
M360 acquired the shuttered hotel and 9 acres of associated land at 100 Berlin Road for $2.55 million in October. The town sold a neighboring, undeveloped 3.7-acre property to the company for $60,000 in November, land records show.
The plan is to knock down the hotel and replace it with a mixed-use development with 265 apartments, 24 townhomes and 30,000 square feet of retail. Designs are underway, Kenny said.
Kenny said the development will include a walking trail by a “wetlands preserve,” open to residents of the development as well as other area residents.
Kenny said he and Lazowski will buy a majority stake in the property once local and state development approvals are secured. The State Traffic Commission is part of the approval process because the site is located adjacent to Interstate 91.
The State Department of Revenue Services abruptly closed the hotel in January 2020. At the time, the state claimed the hotel owed more than $200,000 in back taxes and fees. About 50 employees lost their jobs.
Kenny hopes to demolish this summer and launch construction in fall.
