Residences at Groton
195 Units l 100% Market Rate l Multifamily Development Opportunity
Marketing description
Cushman & Wakefield has been engaged by Merion Ledges II, L.P (the “Owner”) to arrange for the sale or joint venture development (co-GP) of 375 Drozdyk Drive – an approved and shovel ready 195 unit ground up apartment development project (the “Property” or “Project”) located in the shoreline town of Groton, Connecticut. The Property is situated just off Interstate-95 convenient to the area’s major employers, retail and many nearby lifestyle and recreational amenities in the town of Groton.
Strategically located between New York City and Boston, the town of Groton offers excellent regional highway (Interstate 95 and 395) and rail (Amtrak and the Shore Line East Commuter Rail) access, a deep-water port, an airport, a foreign trade zone, and an enterprise zone. With a total of about 27,000 jobs, Groton is home to major employers, including General Dynamics Electric Boat Shipyard, the U.S. Navy Submarine Base, Pfizer Pharmaceutical, and Avery Point, a regional campus of the University of Connecticut. The Property is proximate to these resident demand drivers and is well positioned to capitalize on the housing demand driven by the expansion of the region’s largest employer, Electric Boat, located just 3 miles away. Electric Boat has announced plans to add thousands of jobs in Groton over the next decade.
Investment highlights
Approved & Shovel Ready Apartment Development
375 Drozdyk Drive is an approved 195-unit, 100% market-rate development opportunity in the shoreline town of Groton, CT. The site is “shovel ready” with all entitlements completed and full construction drawings in-hand.
Design Flexibility
Buyers are encouraged to submit offers based on the current shovel ready design or propose changes to the design that maximizes the project.
Excellent Commuter Location (I-95, I-395) with Nearby Train Service
Located just off I-95, and minutes from I-395 the Property offers a convenient commuter location relative to major employers throughout Groton, New London, southeastern, CT and beyond. The Property is located 5 miles from Amtrak train stations in downtown Mystic and New London for those commuting to New Haven, New York City, Providence and Boston, as well as points in-between and beyond along Amtrak’s Northeast Corridor.
Established Employment Hub
Major employers and resident demand sources in Groton include General Dynamics Electric Boat, Pfizer, US Naval Submarine Base, Lawrence + Memorial Hospital, Foxwoods and Mohegan Sun Casinos, as well as academic campuses for US Coast Guard Academy, Connecticut College and UConn Avery Point, all within 20 minutes of the Property. The region’s largest employer, Electric Boat, which is located 3 miles from the Property, has multi-billion dollar contracts in place with the US Navy to build Columbia- and Virginia-class submarines over the next two decades. The company is expected to add 18,000 new workers over the next decade to the local workforce in Groton/ New London, Connecticut and Quonset Point, Rhode Island.
High Quality Schools
Groton schools are ranked as some of the best in the region, which continues to attract new households. US News recently ranked the Marine Science Magnet High School of Southeastern Connecticut, located in Groton (minutes from the Property), the #1 high school in Connecticut.
Abundance of Lifestyle Amenities
The location offers residents an abundance of lifestyle amenities and recreational activities. Notably nearby retailers include Stop & Shop, Big Y, Walmart, Kohl’s, Aldi, Planet Fitness, Starbucks, Dunkin, as well as numerous restaurants and dining options. The Property is less than 15 minutes from Mystic, CT, an idyllic coastal New England village filled with shops, bakeries, cafes and restaurants set along the Mystic River. Groton also offers numerous outdoor activities that residents can enjoy with many beaches, parks, trails, a golf course and reservoir within in town. In 2023, USA Today ranked Mystic as the fourth top tourist destination in the U.S. (the only city in New England to make the coveted list).
Demand for High Quality Housing
According to the housing market study by Camoin Associates, there is substantial unmet demand for new housing units in the town. The study projects market demand for 6,450 new housing units over the next decade and identifies significant pent-up demand for modern upscale apartment units.
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