Long-abandoned theater property in CT city’s downtown listed for sale as redevelopment opportunity
COSTAR
The former Capitol Theatre in New London, 35-41 Bank St.
The long-abandoned Capitol Theatre property in downtown New London has been listed for sale as a redevelopment opportunity.
The 11,000-square-foot, three-story building at 35-41 Bank St., has been listed for $375,000 by New London-based U.S. Properties Real Estate Services LLC.
The historic property is owned by Westport-based Industrial Renaissance Inc., which bought it in 2016 for $68,000. At the time of the purchase, Industrial Renaissance Founder and President Eric Hamburg said he was exploring potential redevelopment options for the property, including as a music and entertainment venue, according to the New London Day, but nothing panned out.
The building debuted in 1921 as a vaudeville and movie theater, but closed in 1974 and has been vacant since. A new roof was put on the building in 2010.
Connie Howard, a Realtor with U.S. Properties who has the listing, said the theater hit the market this week and has already had two showings. She said there are various redevelopment opportunities for the building.
The current owner considered a mixed-use apartment redevelopment for the property, but didn’t move forward with it.
Industrial Renaissance owns other Bank Street properties that it’s converting to apartments, but they aren’t directly next to the theater property, Howard said.
She noted that 35-41 Bank St. is fully gutted and ready for build out. It also sits in an Opportunity Zone, and any redevelopment could be eligible for federal and state historic tax credits.
Developers interested in the property can contact Howard at chowardusp@gmail.com.
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