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Steel Point Financier Quits Project
Bridgeport developer scrambles to find new partner
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Business New Haven
9/16/2002
By: BNH
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BRIDGEPORT - RCI Marine, the Florida firm selected to redevelop the Park City's Steel Point site, has lost its original financial partner, calling into question the viability of the $800 million waterfront venture.
Robert Christoph, president of RCI Marine, confirmed LNR Property Corp. of Florida is no longer involved in the project.
The urban renewal initiative, to be known as Bridgeport Landing, was designed to transform Steel Point, a 50-acre peninsula on Bridgeport Harbor, into a mixed-used residential/retail/office/marina facility.
The departure of LNR, a billion-dollar retail and residential development company, calls into question whether state officials will release money needed to restore Steel Point to a developable condition if a financial partner is not in place.
The city has requested $110 million in grant funds to prepare Steel Point for redevelopment, and state officials are now negotiating with RCI Marine over a first installment of $25 million.
Of that $25 million, $10 million is included in the current state budget.
City and business officials defended the viability of the once-derailed and oft-delayed project. They said immediate financing is not needed since the project will probably not begin construction for at least three more years. Meanwhile, the state indicated it is still considering $25 million in aid to help restore the contaminated site.
Bridgeport officials attempted to dispel concerns about the project, saying LNR was primarily responsible for a proposed hotel. After that feature of the project was pushed back, the company decided to move on.
However, according to original proposals submitted to the city by RCI Marine nearly two years ago, LNR was also to be involved in a major residential component of the project. The company also builds retail centers, another key portion of the venture.
Paul Timpanelli, president of the Bridgeport Regional Business Council, acknowledged LNR was to be involved in the residential side as well. Timpanelli did not know who would take that role.
But Timpanelli said LNR's decision to leave need not be a fatal blow to the project.
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