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BRIDGEPORT, CT-The massive $1.2-billion redevelopment project at SteelPointe Harbor is receiving the final design approval from the City of Bridgeport for an Amended and Restated Development and Acquisition Agreement. The city owns the land for the planned 15-year project.

“The amendment to the existing agreement was necessary in order for the project to move forward,” explains Suzanne Amaducci-Adams of Bilzine Sumberg Baena Price & Axelrod, who represented Bridgport Landing LLC and RCI Marine, in a statement. “The lack of availability of bond and other financing and the collapse of the housing market, made the developer and the city refocus. The marina and retail portion of the project will come first, while the housing will be delayed until the market comes back.”

Amaducci-Adams explains that a “combination of private financing, sales tax increment bond financing, real estate tax increment financing and other available government financing opportunities will be used to move the project forward.”

SteelePoint Harbor at final build-out will cover 2.8 million square feet, comprised of a combination of 250,000 square feet of office, 650,000 square feet to 800,000 square feet of retail and entertainment with 4,000 parking spaces and a hotel. The 250,000 square feet of apartments will be delayed, but eventually will be home to a designation of 10% workforce housing. Additionally, 7,000 square feet will be for restaurant space.

The project will incorporate $3.8 million of public improvements on docks and a bay walk. The project is being developed by Miami-based RCI Marine and was represented by Amaducci-Adams and Carter McDowell.

The project will generate roughly 10,000 permanent jobs, $30 million in annual tax revenue and 20,000 construction jobs in the process, according to Bilzin. The 15-year redevelopment anticipates a ground-breaking at the end of 2010 or early 2011.

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