Intense interest in CT modular apartments, “pre-lease” inquiries show
NEW LONDON — More than 90 “pre-lease” inquiries have been received since mid-June from applicants interested in moving into one of the 30 new units expected to be available later this year inside a Bank Street modular apartment complex.
Crews began erecting the five-story Vessel Technology Inc. building at 174 Bank St. in May and are expected to complete the work by the end of fall, said Neil Rubler, founder and CEO of Vessel Technologies, in a Monday statement.
Workers could be seen and heard this week cutting and hammering interior sections of the structure, which, when complete, will be the first fully residential building on this section of Bank Street thanks to zoning modifications approved in 2022 by the Planning and Zoning Commission.
Rubler said formal leases for the 525-square-foot, one-bedroom apartments — currently the only option, though the partially prefabricated style of construction enables two-bedroom versions to also be created — won’t be opened to the public until potential tenants can view the finished units.
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Rubler said the rush of inquires demonstrates “the demand for attainably priced rentals in the New London area.”
In the real estate world, “pre-leasing” in most cases puts prospective tenants on a wait list for soon-to-be available units.
“It’s a beefier version of a reservation” said Eric Myers, co-owner of the Northeast Property Group in New London.
On Monday, the modular nature of the complex could be easily seen with sets of construction planks bridging a gap between two nearly free-standing rectangular buildings each holding space for 15 units.
An elevator shaft was still under construction near where schematics show a glass-encased staircase will be built.
Vessel purchased the long-vacant Bank Street site for $225,000 in February 2022. The City Council in August approved a payment in lieu of taxes agreement with the firm providing the company an estimated 25.1% discount in tax payments to the city over 20 years.
The city has so far received $49,466 in permit fees directly associated with the Vessel project, according to the Building Department. The company will pay another $1,500, or $50 per apartment, when a certificate of occupancy is approved.
Rubler previously said the apartments would be affordable to those earning 80% of the area median income and likely priced between $1,600 and $1,700 for a one-bedroom apartment, a price Rubler said would include the cost of utilities.
Several apartment-search websites on Monday showed Vessel units starting at $1,625 a month. The apartments are being touted as featuring “smart home integrated technology for temperature and lighting control,” 9-foot ceiling spans, in-unit washers and dryers and stainless-steel appliances.
The pre-leasing listings stated tenants could expect to move in starting on Oct. 1.
Rubler said the Bank Street apartments are being advertised for individuals earning $60,000 to $70,000 a year, a demographic he said is often priced out of the local quality housing market.
In the Norwich-New London area, an individual who earns 80% AMI is making $57,512 based on 2022 HUD Median Incomes.
j.penney@theday.com
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