Connecticut Waterfront Project Cleared in 2007 to Sell Munis
- Bridgeport’s Steelpointe Harbor to issue almost $50 million
- Developer envisions adding three apartment buildings, hotel
Joseph Ganim, mayor of Bridgeport, speaks to the media following a news conference at Steelpointe Harbor in Bridgeport, Connecticut in 2017.
Photographer: Douglas Healey/BloombergA district set up to transform part of Bridgeport, Connecticut’s waterfront plans to sell about $50 million of unrated municipal debt as soon as this week, in what amounts to a bond-market bet on future development for which financing has yet to be secured.
A subsidiary of RCI Group has built a 220-slip marina, a 150,000-square-foot store for outdoor retailer Bass Pro Shops and a mixed-use lighthouse building since the project was approved in 2007. But the developers of the largely vacant Steelpointe Harbor on Long Island Sound are still betting they can create a neighborhood of apartments, shops and offices about 60 miles (97 kilometers) from New York City, on the site of a former steel works.