Electric Boat boom offers opportunities to neighboring communities

NEW LONDON --  One of the ripple affects of Electric Boat's $5.1 billion submarine development deal with the Navy is economic development for surrounding communities.
With that  includes their neighbor directly across the Thames River: New London.

EB said the deal they announced yesterday will not increase the number of new hires they're planning to make, but New London is still expecting an influx.

As soon as EB announced 18 months ago they were going to be hiring up to 18,000 new employees by 2030, New London knew that had better have new housing available.

Now, a new apartment complex is almost ready for occupancy.

"Mansfield Road (apartments) actually started construction about a year or so ago," said Peter Davis, the Executive Director of the Renaissance City Development Association. "They should be ready to lease apartments probably at the end of the year if not right after the first of the year."

Within the next several months, two other housing complexes will break ground.

A 70-unit development will sit on the final parcel of land available on the Shaw's Cove Business Park. There is also a condominium and an apartment complex called Shipway 221, which will include 200 units.

"It really represents the first market rate, new, apartment construction in New London in 30 or 40 years," said Mayor Michael Passero (D-New London).

In total, close to 500 new housing units are expected to be completed within the next two to three years. During that same time frame, a long-delayed hotel will likely open for business was in Fort Trumbull.

"That's been on the blueprints for 10 years, but finally now the economy is right to get that thing built," said Passero.

The mayor said he can certainly feel the vibe of his city changing.

"New London wants to position itself to be able to provide housing and the live, work and play space for this new workforce,"

Passero also said a housing project on Bank Street, that has been stalled for approximately 10 years, is revving back up and should be built within the next couple of years.