Larger, four-story apartment building planned in New London
By Robert Cloud
Due to increases in construction costs and interest rates, S.C. Swiderski made major revisions in its plans for the downtown riverfront development project.
SCS staff presented the revised plan to the New London Economic Development Committee on Sept. 27.
Jacqui McElroy, SCS’s director of business development, and Kortni Wolf, manager of business development, spoke about the need for revisions.
Noting unprecedented price increases, McElroy said, “The interest rate on this project alone went up 3% over a two-year time period.”
The original project planned for 44 units, which McElroy said could not be covered by increased rental rates alone.
“We’re left with a shortage of about $1 million due to that interest rate change and the prices of the buildings going up,” McElroy said.
New building design
The revised plan calls for 98 units in a four-story building with 70 garage stalls and 88 parking spaces on five acres.
Wolf said the building will have 16 studio apartments, 31 studio suites, 42 one-bedroom and nine two-bedroom units.
The apartments with have 12 different floor plans, ranging in size from 400 square feet to 1,200 square feet.
Rents will range from $1,100 to $2,300.
Amenities include indoor parking, a rooftop terrace, ground level patio, fitness center, community room, conference room and electric car charging stations.
“This type of building attracts renters by choice,” McElroy said. “They’re choosing to rent because they’re looking for a location, amenities and good service.”
The committee voted to recommend the revised plan to city council. Committee members voted against the recommendation. Bernie Ritchie and Tim Roberts voted no.
SCS plans to schedule construction for 2023, pending final approval from the council.
Correction: An earlier version of this article indicated that the apartments ranged in size from 44 square feet to 1,200 square feet. The correct figure is 400 square feet.