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Bridgeport NEWS

Developer picked for prime site

July 19, 2007

A development team that includes a company affiliated with former pro basketball star Earvin "Magic" Johnson has been selected to build on the 11-acre Pequonnock site near Harbor Yard Ballpark and Arena.

The $221 million Bridgeport Sound development proposal calls for building a 10-story hotel, 260,000 square feet of retail space, a five-screen movie complex, 356 residential units and a parking garage by late 2012.

Bridgeport Sound LLC is comprised of Canyon-Johnson Urban Funds of California, Mid-City Urban of Maryland and Vornado Realty Trust of New York. The former basketball great is affiliated with Canyon-Johnson.

Mayor John M. Fabrizi announced the selection Tuesday at City Hall Annex, saying the project would generate $36 million in real estate taxes during the 15 years it would take to be completed.

"This is a great day for the city of Bridgeport and its residents," Fabrizi said.

He said the project would create 718 permanent jobs and 1,792 construction jobs, stressing the developers are committed to hiring local residents as well as to using minority- and women-owned contractors.

Both the city and Bridgeport Housing Authority (BHA) own some of the land. Part of it once was the site of the Pequonnock Apartments public housing complex, while the Underwood typewriter factory occupied another parcel.

In recent years, the land has been used for overflow surface parking lots for Harbor Yard events.

The developer would pay $20.5 million to the city and BHA for the land, while receiving $24 million in public subsidies through payments for the new Harbor Yard parking and low-income housing tax credits.

The proposal calls for building 196 rental units, 110 private residences and 50 public housing units. The high-rise hotel would have 155 rooms, and 400 new parking spaces would be set aside for visitors to Harbor Yard events.

Rosa Correa, BHA board chairman, said she was pleased the plan would replace some of the units lost when the Pequonnock Apartments was demolished while using valuable property to benefit the entire city.

'A national model'

Victoria S. Davis, Mid-City Urban president, said Bridgeport Sound would work with the city "to create a project that is a national model of mixing market-rate, workforce and low-income housing with first-class retail, entertainment and hotel development."

The goal, Davis said, is to create "a truly regional destination."

The developers also said the project would connect downtown with the South End, "creating a more vibrant and attractive environment."

The site is highly visible from Interstate 95 and just south of downtown and the railroad tracks.

City leaders have long wanted to develop the location to take advantage of its proximity to the baseball stadium and indoor arena, which both attract hundreds of thousands of visitors a year.

In March, four developers submitted proposals for the site. The only local proposal was from a group that included Bridgeport Bluefish part-owner Jack McGregor and Citytrust developer Eric Anderson.

The Bridgeport Economic Resource Center (BERC) oversaw the proposal submission process, with city officials making the decisions.

Kevin Nunn, BERC president, is excited about the project's potential to boost downtown and the Harbor Yard area.

"The project can transform the desolate surface parking that currently surrounds these venues into a vibrant 24/7 community, creating a unique and special place for people to live, see a game or show, and shop," Nunn said.

The plan requires approval from the BHA board as well as zoning and other approvals from municipal boards.

According to the proposal, the first phase from late 2009 to late 2011 would involve the hotel, retail space, and rental and public housing. The second phase from 2010 to 2012 would include the for-sale housing units and cinema complex.

Rental housing would range from $700 to $2,200 a month, while for-sale units would go for $325,000 to $399,000. The target audience for the housing, according to the proposal, would be "young professionals and Bridgeport workforce."

Canyon-Johnson Urban Funds, a private real estate firm, focuses on improving inner-city neighborhoods.

Mid-City Urban develops rental and for-sale housing in cities in the Mid-Atlantic region.

Vornado Realty Trust invests in real estate in the New York, Washington, D.C. and Chicago regions.