FLANAGAN’S LANDING INVESTORS PORJECT
Flanagan’s Landing, originally built as a tannery mill, will be located at 911 New London Turnpike, a major thoroughfare in the affluent and historical town of Glastonbury, Connecticut. In 1883, the Roser family, seventh generation leather tanners, came to America from Stuttgart, Germany. By 1886 they had established their business in Glastonbury. Roser’s high quality leather was used to make saddles for the U.S. cavalry, upholstery for Pierce Arrow limousines, watch bands, book bindings, and many other items. In 1965 when Roser’s was sold to Allied Kid Corporation, the Roser’s family leather business was recognized as one of the founders of modern pigskin processing in the United States. The previous owners, Flanagan Brothers, Inc purchased the property in 1968 where they manufactured second generation jet engine and ground turbine components through 2014. In 2015, Flanagan Brothers consolidated its operations in a larger facility nearby in Glastonbury.
The 31.71 acre site will be developed into a 250 unit top-of-the-line Class A luxury apartment community equipped with superior amenity packages. The two existing mill buildings will be converted into 43 studio units, three one-bedroom units and one two-bedroom unit. There will be five new buildings constructed that will be predominantly four stories and will consist of 122 one-bedroom, 78 two-bedroom, and 3 three-bedroom, two bathroom units.
Flanagan’s Landing Apartment Community is located in the town of Glastonbury, just southeast from the Hartford Central Business District. Its estimated population is nearly 35,000 and is known for its excellent market dynamics. The 2014 estimated average household income was approximately $105,000 with an average home value of $360,000. Moreover, Connecticut’s employers added more than 25,000 jobs in 2014, making it the best year for job growth since 1998, confirming the robust hiring momentum sweeping the state. The immediate area is made up of a predominantly educated, white collared work force with the majority of the population holding finance, insurance, real estate and health care related jobs. Overall, the area apartment market and the local submarket are exhibiting strong levels of demand. Since new development is in such high demand, the market is willing to pay for high quality product conveniently located near employment opportunities and community support services. The greater part of the dated apartment inventory in the market is more than forty years old, achieves much lower rent and has still seen an overall decrease in vacancy.
Quintessential New England grace distinguishes Glastonbury, situated on the eastern border of the Connecticut River in central Connecticut, just nine miles southeast of Hartford. Given its proximity to all of the offerings of urban sophistication, Glastonbury is a quiet historic haven that was founded in 1693. The broad Main Street's gracious homes and classic Town Green vividly evoke the past; The Old Cider Mill, circa the early 1800's is a classic antique mill still pressing delicious refreshments; the Glastonbury-Rocky Hill Ferry, the oldest continually operating ferry in the country, has been bringing inhabitants over the water since 1655.