EAST LYME. CT-The long-delayed Gateway Commons mixed-use development here is now moving forward. The New London, CT Day newspaper quoted East Lyme first selectman Paul Formica as confirming that a Costco wholesale club will be the project's commercial anchor.
Simon Konover Development Corp. and its partner, KGI Properties, have long planned to build a residential and retail development on about 200 acres near I-95 exits 73 and 74. Although the venture stalled during the economic downturn, the development partners recently began clearing land for 280 rental apartments.
"It will be a luxury, multifamily community," Newton Brainerd, VP of Simon Konover, told the Day. The residential component will include studios, one- and two-bedroom units, a central clubhouse and a resort-style pool. The developers will also improve East Society Road, which will serve as the entrance for the residences, Brainerd said.
As for the project's commercial phase, the Village of East Lyme is allowing up to 425,000 square feet of retail space. That includes one anchor of 140,000 square feet and five smaller stores, based on a master plan for the project that the village's zoning commission approved more than a decade ago.
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