Screen Shot 2018 10 21 at 2.52.06 PMNEW LONDON: A new residential development has moved a step forward with the closing of Parcel J for development by A.R. Building Company. The 2.6 acre parcel at the corner of Howard and Bank Streets. was the last available parcel in the Shaw’s Cove Industrial Park, and will be the home to a proposed 98 unit residential development.

Developers hope the development brings the possibility of increased foot traffic and a heightened profile for town’s businesses. A.R. Building Co. has also completed a residential apartment complex after 60 Mansfield Road earlier this year.

“Agreements like this reinforce what we hae been saying for years, New London is growing,” said mayor Michael Passero. “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.”

“This is great for our community and our businesses during a time of unprecedented growth in our city,” said Felix Reyes, director of economic development & planning for the town. “Parcel J has been vacant for too long, and I am happy to see that it is finally being used.”

“We are very excited about to be starting on Parcel J,” said Jason Kambitsis, director of land development for A.R. Building Co.