BERLIN - In yet another step for development on Farmington Avenue, the apartments across from the train station are under new ownership.
An unveiling and ribbon cutting took place at 848 Farmington Ave. on Friday morning.
The new owners are Newport Realty Group, the same development team that is bringing 76 apartments, 10,362 square feet of medical office space and 8,618 square feet of restaurant and retail space, all organized into five buildings on 861, 889, 903 and 913 Farmington Ave.
“We want to make an investment in the community,” President Mark Lovley said. “It’s getting a footprint before we move across the street.”
His partner, Tony Valenti, echoed this sentiment.
“It’ll help us get launched across the street,” Valenti said. “We appreciate the partnership with the town.”
Economic Development Director Chris Edge said that the change in ownership is beneficial to the developers and the town.
“It didn’t work for Berlin and now it will,” Edge said.
All 16 of the apartments at 848 Farmington Ave are occupied; the next step is filling the commercial space on the first floor. Lovley said four potential tenants have already expressed interest. There is over 9,500 square feet of space available that can be divided to accommodate several businesses. Lovley also added that there is potential to add a few more apartments.
As for Newport Realty Group’s other work across the street, Lovley said groundbreaking will happen this summer and that interest is already starting to build.
“We’ve already had about five people call about the apartments across the street and we haven’t even put anything out there,” Lovley said.
The continual development progress on Farmington Avenue recently continues to impress Board of Finance member Tim Grady, who was in attendance at the ceremony Friday morning.
“This has been a mess since I was a kid riding my bike down here,” Grady said about the train station and the land around it. “I’ve lived in this town since 1960 and I’ve never seen anything like this.”