Apr. 26—NEW LONDON — His name is becoming ubiquitous with the downtown business district.
Builder and downtown investor David Preka earlier this month completed the purchase of the vacant former Liberty Bank building at 61 Bank St. and is eyeing even more downtown properties.
One of them is the long-vacant Bulkeley House Saloon at 111 Bank St., which only recently emerged out of bankruptcy proceedings and went up for sale. Negotiations for the purchase are ongoing and Preka said it was still too early to discuss any plans for the building.
For now, the 49-year-old, Albanian-born Waterford resident, a married father of two young children, said he has his hands full with projects that will include a multimillion-dollar historical renovation of a vacant building at 3-5 S. Water St., behind the Oasis Pub at 16 Bank St. His plans for a nine-room boutique hotel at that location recently received a $450,000 financial boost from a Connecticut Communities Challenge grant program. The money was part of the $5.9 million coming to the city to help renovate downtown buildings with a goal of improving "livability and vibrancy."
"It's in tough shape," Preka said of the South Water Street building, which according to public records was built in 1890. "It's going to need absolutely a lot of work to bring this building back to life."
He said once he buys a property, he looks to compete the renovations quickly and thoughtfully for the benefit not only of himself but of the entire downtown. He foresees the hotel, with a possible restaurant, being completed sometime next year.
Preka said he will start the permit process for the Liberty Bank property immediately and is already lining up the ground-level tenant for an office-type use of the space. He did not reveal specific plans and, because of zoning regulations, will have to obtain a special permit to situate anything other than retail space on the ground level. In the upstairs of the building, he said he plans to create three two-bedroom apartments and hopes to have the project completed this year.
Public records show Preka purchased the Liberty Bank building, built in 1905, for $380,000 on April 19.
Felix Reyes, director of the city's Office of Development and Planning, said he sees Preka as part of the new generation of downtown investors buying and developing properties.
"David is not only investing in buildings but he's also increasing the value of the assets around his properties," Reyes said. "Projects like his start to create a trend, attracting other developments. (He) can see the potential of a completed project. That's what we need more of."