New London ― Built on a once vacant site in the Fort Trumbull area, a five-story, 203-unit apartment building on Howard Street is moving towards completion.
After a little more than a year of construction, the approximately $30 million project is almost halfway done and leasing is expected to start soon.
The developer, New Haven-based commercial real estate development company RJ Development + Advisors, has given it the name The Beam. Jason Rudnick, principal of the development company, said the apartments will offer the community, security and convenience someone would want in the city.
The development is down the road from The Docks Apartments, a 137-unit apartment complex, opened in 2021 at the corner of Howard and Bank streets. It is also across Howard Street from a proposed 81-unit apartment complex that was approved by the city in September. In Fort Trumbull, the city has approved another 100 apartments. Work on the latter two projects has not yet begun.
Rudnick said “The Beam” is a reference to a nautical term that describes the width of a ship and is a nod to the area’s shipbuilding and maritime history.
“We spent significant time and effort with ourselves to determine something that was meaningful,” he said.
The apartments are set to have 57 studio units, 116 one-bedroom units, 17 one-bedroom units with an office space and 13 two-bed apartments. Rudnick said all will be priced at market rate but the pricing is not yet public.
Rudnick said the company is working with the city to get safety and building certifications for 92 of the units by year’s end and looking to move residents in by February or March of next year.
He said the remaining 111 units could be completed by then and turned over to residents sometime in March or April.
The development is the largest in the state so far to take advantage of federal Opportunity Zone tax incentives authorized in 2017 to bolster low-income communities.
The federal government in 2018 approved 72 opportunity zones in Connecticut, including three in New London.
Although the five-story development is developed as an Opportunity Zone project, Rudnick said it would have worked without it. He said the federal tax incentives were not the driving force to purse the project.
Rudnick said he is a huge fan of the city and it has been more than enjoyable working with the community and the city. He said he is looking to deliver the building and maintaining a relationship with the city.
“It’s important to me,” he said.
Rudnick said his father-in-law grew up in New London and he has made trips to Ocean Beach Park ever since he moved to Connecticut 25 years ago.
“There’s a need for housing in New London and the region with the growth of Electric Boat, Lawrence + Memorial Hospital and the rising off-shore wind industry,” he said. “We’re happy to do our small part.”
Rudnick said he is very proud of the design and amenities going into the development.
On the outside, Rudnick said the complex will have a dog walk park and walking trails to the Electric Boat headquarters and the intersection of Shaw and Howard streets.
On the inside, Rudnick said the apartments will have a fitness center with the newest equipment; a community room with a fireplace and pool table; a business center with private cubicle space and conference rooms.
He said there will be an outside deck on the fifth floor only for residents with “extensive views” of Shaw’s Cove, the Thames River and Downtown New London.
The apartment units will have a list of amenities such as high ceilings, quartz counter tops, LED undermount cabinet lighting, heating and cooling systems, and in-unit washer and dryers.
More information on the apartments can be found at www.thebeamnewlondon.com.
Originally posted by The Day