The city of Bridgeport is moving forward with plans for a mixed-use development at Steelpointe Harbor.
State and city officials broke ground on the project Tuesday which will also include commercial properties.
The complex, dubbed The August, will be a 420-unit apartment building along Bridgeport’s waterfront. It should be fully completed within two years, according to project developer Ryan Cronk, of Flaherty & Collins Properties.
Throughout the roughly five years of development and three years since Cronk joined the project, there were several hurdles to overcome, including banks hesitant to invest in Bridgeport.
“We knew it'd be tough and one of the first banks we talked with, we had him signed up and ready to go and then the credit officer called and said, ‘Hey, I got a problem. I don't like Bridgeport. I don't want to invest there,’” Cronk said.
Developers overcame initial hesitancy by showcasing what was in store for the property and its viability.
About 38 percent, or 160, of the apartments will be workforce housing. It provides a discount to residents who work in the community but generally cannot afford to live there.
“It wasn't initially mixed-income, and it's evolved into that due to a lot of people's work with us on this. This project’s been a two step or one step forward to step back project,” Cronk said.
The development will also feature 10-thousand square feet of commercial space which will includea coffee shop, pet grooming area, sauna and salt pool, among other amenities for residents.
Cronk plans to continue working in Bridgeport after the complex is completed.
“This would be hopefully the first of many. We want to build four phases here ultimately,” Cronk said. “This first one hopefully is the most difficult one. Hopefully we can come out of the ground, improve the market and then build the next one a little bit more effortlessly.”
Bridgeport Mayor Joe Ganim says the project is the latest step in the process of revitalizing the city’s shore.
“It is clear that not only is this a huge and impactful project for the state’s largest city but anywhere in Connecticut,” Ganim said. “This is a monumental project of significance and accomplishment that so many have played a part in and a role in.”
