New London could soon see new condos pop up in the Fort Trumbull area.
The development would be the first time that land would generate tax revenue in at least 15 years.
Project manager Anthony Silvestri said the condo complex, called Shipway 221, would include a rock climbing facility, pool, pub, gym, indoor and outdoor movie theaters.
Silvestri listed the train station, ferries and interstate as part of the appeal to the area.
Shipway 221 would be a three building condo complex with about 180 units and an average price tag of just over $200,000 per unit, Silvestri said.
The project is financially backed by the Tagliatela family, who's known for the City Flats project and Harbour Towers in New London.
Shipway 221 would be the first new construction in the Fort Trumbull area.
Silvestri also touted that the Howard Street-site enables residents to walk to Fort Trumbull and Electric Boat (EB).
EB is on a hiring surge and some people who work there said housing within walking distance could be a good thing.
"I think it would help out with the parking as well as the housing issue, and probably create a more family atmosphere," Jason White, who works at EB, said.
Others are concerned about congestion for drivers.
"More people, more houses, more cars, more traffic," said Don Lumpkins of Sprague, who added there is already a lot of traffic around the EB campus.
New London’s city council approved the development agreement on Monday and now the mayor needs to sign off on it before the state does.
The Renaissance City Development Association (RCDA), New London's development partner, said the developers are paying the city $208,000 for the site, even though the land is assessed at a value of $644,000. Of that number, $129,000 is for land fees and $79,000 is for development fees.
RCDA executive director, Peter Davis, said the developers are only paying a portion of the assessed value of the land because they will also have to pay for the rest of the environmental cleanup.
Davis said RCDA has already used a $400,000 federal grant to partially clean the site.
In the contract, the developers will pay taxes on the property starting next year, no matter whether they start construction.
Davis said the hope is to break ground on phase one of the project by next spring.
"What we're hoping is not only is this a condominium development so people will be paying taxes on the individual condos, but also the disposable income,” Davis said.
The “221” of Shipway 221 is a nod to Hughie's, a former longtime New London restaurant, which used to be at 221 Howard St – part of the project site.