Contact: Lawrence Cook
March 27, 2012
GLASTONBURY—State Senator Stephen T. Cassano (D-Manchester) today welcomed a $2 million state loan for a private developer in Glastonbury to demolish and clean the contaminated site of the former Flanagan Industries on New London Turnpike in preparation for the construction of 230 luxury apartments.
“That site has been abandoned for years, and the right project hasn’t come along until now,” Sen. Cassano said. “I’m happy some funding from the State of Connecticut is making a difference in getting this project off the ground and cleaning up the environment, putting people back to work, getting new tax revenue on the rolls in Glastonbury and providing some much-needed rental housing in town.”
The loan is from the state Department of Economic and Community Development’s Targeted Brownfield Development Loan program, which provides financial assistance in the form of low-interest loans to those seeking to develop property for first-time home buyers, manufacturing, retail, residential or mixed-use developments, expansions or reuses. Such loans are typically paid back within 20 years.
According to published reports, developer Martin J. Kenny will use the loan to remediate toxic substances and demolish structures on the 33-acre site so he can build a 230-unit apartment complex.
Vice Chair: Planning & Development
Legislative Office Building
Hartford, CT 06106-1591
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