90-100 Garfield Ave
New London, CT 06320
90-100 Garfield Avenue · Industrial Property For Sale

Constructed in 1920, the Property, also known as the “Edward Bloom Silk Mill”, is well-located in a mature residential neighborhood near downtown New London. It consists of a 2-story historically-significant classic mill complex, situated on ±3.5 Acres. The Property has strong redevelopment potential, and is well suited for a variety of uses, including multi-family, industrial, self-storage, and mixed-use. The conversion of the Property into a ±65 to ±90-unit multi-family development would greatly contribute to New London’s much-needed apartment stock, where a recent real estate report revealed only ±11 available rental units. Property zoning with the city has already been changed to allow for this. New London is a seaport city and a port of entry on the northeast coast of the United States located at the mouth of the Thames River in New London County, Connecticut. The city is home to the united States Coast Guard Academy, Connecticut College, Mitchell College, The Williams School, and General Dynamics Electric Boat Engineering complex; and neighboring Groton is home to the U.S. Sub Base and General Dynamics Electric Boat main facility. Recent federal contracts for submarine construction have spiked employment opportunities in the area, resulting in an increased demand for housing. Furthermore, Lawrence Memorial Hospital, the region’s primary healthcare facility, is now affiliated with Yale New Haven Health System. As a result of Yale’s investment, new jobs in the medical fields have also been emerging. As of 2019, the Property’s demographics have ±78,336 individuals with an average household income of ±$78,697 residing within a five-mile radius.