Three southeastern Connecticut redevelopment projects are moving closer to reality with state-backed financing support.
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The Connecticut Municipal Development Authority Board of Directors on Thursday approved $10 million in low-interest loans to support three apartment redevelopment projects in New London and Norwich.
The vote confirms recommendations made by the quasi-public agency’s loan committee in April. The financing package now heads to the state Bond Commission for final approval.
The projects would add a combined 151 apartments, largely through adaptive reuse of older commercial buildings.
CMDA Executive Director David Kooris, in a released statement, said his agency is proud to partner with municipalities to advance housing goals, downtown vibrancy and walkability near mass-transit hubs.
"Together, these adaptive reuse developments will transform long-vacant historic and waterfront properties into more than 150 new homes, activated commercial spaces and community-centered destinations that strengthen the economic vitality of southeastern Connecticut," Kooris said.
Approved loans include:
- $5 million for High Tide Capital to support its $27 million redevelopment of the former headquarters of The Day newspaper in New London into 68 apartments, along with ground-floor retail and museum space.
- $2 million for ES Goodman to help finance a $9.76 million renovation of a long-vacant building at 78-88 State St. in downtown New London. The circa-1860 property, which once housed a department store, would be converted into 25 apartments above a public market and restaurant.
- $3 million for Spectra Construction and Development Corp. to support a $10.14 million conversion of a vacant 51,468-square-foot office building in downtown Norwich into 58 market-rate apartments with ground-floor commercial space.
