Located adjacent to exit 74 off Interstate 95, Costco is the first commercial end-user and retail anchor at Gateway Commons, a planned 200-acre mix-use development. The 158,000+ square foot membership club will include a Costco gas station facility.
Gateway Commons has been a focus of the KGI/Simon Konover team for more than a decade. The Gateway Planned Development District (GPDD) was first approved by the Town of East Lyme in 2008 and envisioned a mix of residential and commercial uses.]
“We are excited to break ground on the retail portion of Gateway Commons,” said Richard Bornstein, President and CEO of KGI Properties. “Costco is an exceptional retail anchor and we are pleased to bring new shopping opportunities and additional tax revenues to the East Lyme community.”
The first phase of residential development, named The Sound at Gateway Commons, features 280 luxury apartments in ten (10) buildings, was completed in 2015 and is fully occupied. The luxury community includes a 6,000 square foot private clubhouse with fitness center, billiard room, media center, business center, and heated outdoor resort-style pool. The Sound at Gateway Commons is the largest taxpayer in East Lyme.
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 NC, 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
Founded over 60 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 employs hundreds of people through its operating companies including Konover Commercial Corporation, Konover Residential Corporation and Konover South, LLC. The Simon Konover Company and its related-entities own and manage over 17,000 apartment units, 2.9 million square feet of office and industrial space, 2.4 million square feet of retail space, and selected hospitality assets.