Vessel’s New London apartment development nears completion; Cheshire plan approved
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Vessel New London.
New London town officials kicked off the near completion of a new apartment complex built by Vessel Technologies Inc., which is making its first foray into the Connecticut housing market and recently announced new franchise opportunities for its buildings.
The five-story building at 174 Bank St. has 30 one-bedroom apartments, and is the first in Connecticut for Vessel, which recently had plans for an apartment development in Cheshire approved. The project is more than halfway completed, with its debut scheduled for later this year.
Vessel also has a land use application in Simsbury. Applications were denied in Glastonbury and Rocky Hill but Vessel Founder and CEO Neil Rubler said he may be exploring another site in Rocky Hill.
Construction on the fourth story of the New London building is underway with Vessel’s signature style of similar design concepts for all its buildings, which cuts down on traditional construction timelines. The designs also have an eye toward sustainability and attainability for working-class residents, company officials said.
New London Mayor Michael Passero said the town is happy “to welcome this innovative housing solution, which addresses an important housing need in our community.”
“For decades this site has not been utilized and has produced zero tax revenue; it has been a ‘missing tooth’ in the path of New London’s downtown revival. This offers a bright future for hard-working residents and local businesses,” he said.
Vessel is currently accepting lease applications.
The company is also offering franchise opportunities for which New London residents can serve as the location’s owner and/or caretaker.
“The traditional property management model, including the problems associated with ‘absentee landlords,’ is among the vestiges of an archaic housing economy that has got to go,” Rubler said.
More information on the Vessel franchise opportunity can be found at vesseltechnologies.com/contact. Leasing information can be found at
leasing@vesseltechnologies.com.
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