The developers of Steelpointe Harbor that’s transforming the face of the East Side a short distance from Downtown recently provided city officials an on-site update of the Dockmaster Building under construction along the waterfront.
The Dockmaster Building, expected to be completed this year, will be 48,000 square feet featuring the office of the marina on the first floor along with a raw-bar restaurant opening onto the Harborwalk, says Robert Christoph Jr., a principal with Bridgeport Landing Development. The restaurant and 200-slip marina will open spring 2019. Boat shows and fishing tournaments will come alive along the waterfront.
Two new travel lifts on the site called Bridgeport Shipyard are capable of lifting most ships that ply Long Island Sound out of the water for storage, upgrades and inspections. The Bridgeport Shipyard will be up and running June 1st and will house and maintain both commercial and recreational vessels.
“This will bring local jobs and serve as a good economic stimulus for Bridgeport making it a premier destination,” says Christoph.
The first phase of the residential building, located behind the Dockmaster Building in the corridor bordered by Stratford Avenue, Pembroke and East Main Streets, is schedule to break ground later this year with an 18-month construction schedule. The residential building is being designed with underground parking, retail at ground level and approximately 200 residential units above it.
“The residential building will help tie the previously built Bass Pro Shop, Starbuck’s, Chipotle, and T-Mobile retail locations north of Stratford Avenue to the waterfront,” says Christoph.
As previously noted in an OIB story the economics of the development are now being realized.
In discussions with city officials and the Christophs, key economic highlights follow:
– Bridgeport Landing Development has spent more than $5 million on city property acquisitions.
– Property tax payments for current budget year $1.3 million. The number will grow with construction of the Dockmaster Building and upcoming residential component, with an additional 300 construction jobs. Under the financing approved for the district, the city keeps the first $400,000 of real estate property taxes annually and all personal property taxes. The remaining tax receipts are given back to the district toward infrastructure costs.
– Building permit fees paid to city to date more than $500,000.
– Personal property taxes combined from Bass Pro, Starbucks, T-Mobile and Chipotle’s, $65,000 for this budget year.
– Construction costs for current tenants, Bass Pro, Starbucks, T-Mobile and Chipotle’s, $48 million that included 400 construction jobs for nearly two years.
– More than 250 permanent jobs, with more than half Bridgeport residents.
– More than $50 million combined investment of federal, state, local and private dollars for infrastructure improvements including street reconstruction, utilities, separate sanitary and storm sewers, environmental and construction of the bulkhead and harbor walk. More than half is private dollars invested by the Christophs’ company Bridgeport Landing Development.
– The site covers in total 52 acres including 44 buildable. The entire site is now controlled by the developers.
– The developers increased the height of the bulkhead, with six feet of clean fill, following Federal Emergency Management Agency regulations in the aftermath of Hurricane Sandy. The entire shoreline area is now above the flood plain.