September 18, 2007
Bridgeport takes another step for major waterfront development
Bridgeport has agreed to transfer a 50-acre waterfront site to a developer for a 1.2 billion dollar project that would include thousands of houses, a hotel, marina, shops, restaurants and night clubs.
Mayor John M. Fabrizi calls the long-awaited Steel Point plan the greatest economic development project in the history of the city of Bridgeport.
The project is on the city's East Side.
A number of legal and procedural hurdles remain, including the creation of a special zoning district, the issuance of 195 million dollars in bonds, and City Council approval.
Officials say the development would take almost a decade to complete, create 20,000 construction jobs, 10,000 permanent jobs and 30 million dollars in annual tax revenue.
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