Groundbreaking Held for The Sound at Gateway Commons
East Lyme, CT – June 27, 2014 – Gateway Development/East Lyme, LLC, a joint venture between affiliates of KGI Properties of Providence, RI and The Simon Konover Company (TSKC) of West Hartford, Connecticut, hosted a groundbreaking event to celebrate the residential phase of the Gateway Commons Development.
Construction of The Sound Luxury Apartments at Gateway Commons began several months ago. The event, which was held June 25, 2014 at the East Society Road site, celebrated the groundbreaking of the community clubhouse, a central feature of the residential community.
“We are extremely excited to introduce The Sound, and all its unique luxury features, to the East Lyme community,” said Richard Bornstein, Chief Executive Officer of The Koffler Group, the parent company of KGI. “We look forward to continued collaboration with local leaders and community members as we bring the Gateway Commons vision to reality.”
Representatives of the Town of East Lyme, KGI, TSKC and other professionals involved in the project came out to support the long anticipated project.
“Located at the gateway to the Mystic Country Coast, this is a terrific project that has been a long time coming,” said Paul Formica, First Selectman of East Lyme. “This new development will help to improve our economy, create new quality housing opportunities, and improve our grand list.”
Gateway Commons has been a focus of the Simon Konover/KGI team for nearly a decade. The Gateway Planned Development District (GPDD), as approved in 2008, envisioned a mix of residential and commercial uses on the 200 acre property. The Town of East Lyme approved the site plan for the first phase of residential development in 2013. The initial phase, which is now under construction, will feature 280 luxury apartments in ten (10) buildings, and a private clubhouse with heated outdoor pool.
“This groundbreaking ceremony celebrates a significant milestone in this longstanding project,” stated James Wakim, President and Chief Operating Officer of The Simon Konover Company. “Our new community is designed to appeal to the growing demand for new, high quality, multifamily rental communities.”
The first 100 residential units will be ready for occupancy later this year. The initial phase will be fully complete in approximately 16-18 months and will include improvements to East Society Road. Konover Residential Corporation is managing the residential community and may be contacted through the community website at www.TheSoundatGatewayCommons.com. Planning continues for the retail phase of the development, which will be located adjacent to exit 74 off Interstate 95.
About KGI Properties
KGI Properties LLC is the Development, Leasing and Property Management Division of The Koffler Group, operating in the Northeastern United States. Established in 2001, KGI manages, for both its own account and third-party clients, a $350 million portfolio totaling approximately 3.8 million square feet. The properties are located in CT, MA, ME, NH, RI and VT, across all asset classes. The Koffler Group began its operation in 1978, having been capitalized with proceeds resulting from founder Sol Koffler’s sale of American Tourister Luggage Company to Hillenbrand Industries. For more information, visit www.kgiproperties.com.
About The Simon Konover Company
Started over 50 years ago, The Simon Konover Company is a fully integrated real estate organization nationally-recognized as one of the premier real estate entities operating throughout the Midwest and Eastern United States. Headquartered in West Hartford, Connecticut, The Simon Konover Company cumulatively employs hundreds of people through its operating companies including Konover Commercial Corporation, Konover Hotel Corporation, Konover Residential Corporation, Simon Konover Development Corporation, and Konover South, LLC. The Simon Konover Company and its related-entities own and manage over 10,000 apartment units, 3.5 million square feet of office and industrial space, 2.8 million square feet of retail space, and a portfolio of select service hotels. For more information, visit www.simonkonover.com.