Image courtesy of National Development

Redevelopment of a former Raytheon Corp. property in Connecticut will be anchored by Wayfair and Lowe’s Home Improvement Warehouse, which leased a combined 2.5 million square feet of distribution space.

Newton-based National Development also plans an additional 200,000 square feet of tech and specialty manufacturing space as part of the East Hartford Logistics & Technology Park at Rentschler Field project. Completion is scheduled for mid-2024.

Connecticut Gov. Ned Lamont joined National Development executives and local officials for a groundbreaking ceremony Monday at the 300-acre site.

National Development acquired the former airport property from Raytheon Technologies’ Pratt & Whitney division in November 2021, citing its desirable location near Interstates 84 and 91. The property is next to the aerospace manufacturer’s headquarters, the University of Connecticut football stadium and a Cabela’s sporting goods store.

National Development projects the first phase of the project will create 1,000 permanent jobs and $4 million in annual tax revenue.

In November, National Development named former Suffolk Construction executive Charlie Rollins to lead the Rentschler Field project.