CREW Blue Ribbon Awards Program Book 2022

The Cove at Gateway Commons East Lyme, CT

The Cove at Gateway Commons is a luxury, highly-amenitized apartment community located in East Lyme, CT. The land was purchased in 2008 by a partnership between The Simon Konover Company of West Hartford, CT and KGI Properties, LLC of Providence, RI. The Cove was designed as a part of the Gateway Commons masterplan community which includes The Sound at Gateway Commons, a 280-unit multi-family property built in 2016, and a 158,000 SF Costco built in 2018. The investment strategy for The Cove was to create a community that would be differentiated from the traditional apartment flats found at The Sound and in the competitive set. The Cove offers a unique product type not typically developed in apartment communities in Connecticut. The property consists of five 12-unit buildings, “Manor Homes”, and nine 6–8-unit buildings, “Townhomes”. The Manor Homes are one- and two-bedroom flats ranging from 1,140 to 1,520 square feet. The Townhomes are two-floor, three-bedroom units ranging from 1,845 to 1,960 square feet. What differentiates The Cove is every unit’s two private points of entry – a front door and a garage entry leading directly into the unit. Additionally, each unit has a front-yard mailbox, front-door package delivery and curbside trash pickup. The Cove provides the experience of living in a single-family home, with the convenience and amenities of a rental community. The Cove began construction in August 2019 and completed in April 2021. Konover Residential Corporation began leasing the property in August 2020 and stabilized in July 2021. A significant portion of the construction and lease-up took place during the height of COVID-19; and while there were minor delays within the project, the overall scope and delivery were on time. The Cove was designed with several green building standards in mind such as water efficiency, energy efficient features such as windows and appliances, and environmentally preferable building materials. The project was well-received by both the town officials and local residents because of the accretive nature of adding residents with above-average incomes to the town of East Lyme as well as increased tax revenue and limited impact on town services. Owner : GDEL Residential II Size : 120 Units Project Team: The Simon Konover Company, KGI Properties, LLC, Gate 17 Architecture, LLC, TMD Designs, Haynes Construction, Cherry Hill Construction, BL Companies

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