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Pairing Down Steel Point Plans
At issue still is $200 million public subsidy
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Business New Haven
4/16/2001
By: M.C.B.
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BRIDGEPORT - And then there were two.
A Florida development firm and a New York-based partnership are finalists in the sweepstakes to redevelop the Park City's Steel Point site.
Bridgeport officials have trimmed the list of potential developers to Miami-based RCI Marine and the Center Development Corp. of New York.
Both firms proposed creating a mixed-used project including housing, offices, marina facilities and retail stores on the 50-acre peninsula.
Three other proposals, including one from Greenwich developer David Conroy, whose deal to build the Harbour Place project on the site crumbled last year - were eliminated from considerationRCI Marine proposed an $860 million plan to create 1.1 million square feet of office space; 1,000 residential units; 148,000 square feet of retail space; an 80,000-square-foot conference center; three hotels totaling 345,000 square feet; and a 300-slip marina.
The RCI project would take a dozen years to build. Partners include LNR Property Corp. of Miami and Atlanta.
Center Development Corp. advanced a more modest $200 million plan to create 200,000 square feet of office space; a 150-guest-room conference center, with pub and health club; 175,000 square feet of retail space; 475 residential apartments; a 400-slip marina; and a two-acre village green.
Partners include Benchmark Hospitality, Starrett Corp. and the Dewey Development Group.
Bridgeport economic Development Director Michael Freimuth said he expected city officials to render a decision on the two plans by the end of April.
In published reports Freimuth said state legislation authorizing a $200 million package of state and city incentives for Conroy's original Harbour Place project was still available for redeveloping Steel Point.
Although city officials have asserted that earlier legislative authorization of the incentive package can be transferred to a new Steel Point developer, Gov. John G. Rowland has said it's probable that a new bill will need to be submitted to legislators.
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