Apartment development proposed

NEW LONDON – An apartment development that would include four 12-unit apartment complexes is being proposed to be constructed in the city of New London by Pre/3 Development.
Details of the proposed development were shared at the July 9 New London Plan Commission meeting. At the meeting, Austin Dyb, director of Community Development for the city of New London, told the committee that the city has received the proposed apartment development that would include four 12-unit apartment complexes along Handschke Drive, east of Aldi, on the north side of New London. The proposed development would be for apartments that contain two bedrooms, two bathrooms, and an attached garage.
The property for the proposed development is already zoned high density residential, so rezoning would not be required, Dyb said.
The proposed development property is located within Tax Incremental District (TID) 7. Dyb said the city is currently negotiating a developer’s agreement for the proposed development. The New London Economic Committee would need to review and approve the final developer’s agreement.
An onsite stormwater pond would be included as part of the development, Dyb said.

The proposed development would be built on three parcels of property, with the buildings crossing lot lines.
“One of the things that would have to happen for this development is for those parcels to be combined through a certified survey map in order to allow for the placement of those buildings in that location,” Dyb said.
He added, “We do have a housing need in the city. This is another opportunity to help meet those goals as identified in our comprehensive plan.”

Development
Jared Schmidt, part of the development team for the proposed development, told the committee that the focus of the development is to build housing in the outskirts of communities and serve communities that don’t normally get a lot of development.

“Try to bring really high-quality housing at a reasonable price to those types of communities,” Schimdt said.
All apartment units would have two bedrooms, two bathrooms, and be around 1,200 square feet, Schmidt said. Each unit would also have an attached garage, with each unit having an individual entry.
“No common hallways. Lives more like a townhouse or a home,” Schmidt said. “That really helps promote longevity and tenant retention.”
The interior of the apartments would have moderate to higher-end finishes, in-house laundry, and “basically all of the amenities of a home.”
Schmidt said Pre/3 Development primarily builds apartments in Wisconsin and have more than 10,000 units that it owns and manages throughout the region.
The proposed apartment units are “market rate” apartments, Schmidt said, adding that the average annual turnover rate is 20%-30%. He said the national average is 40%-50%.