- Roughly $30 million in bonds are expected to be issued
- Bridgeport district’s first phase now calls for 420 apartments
A district set up by Bridgeport, Connecticut, to transform a waterfront steelworks site off of Interstate 95 into a new residential neighborhood with shops and parks plans to sell more municipal bonds to fund the project.
The Steel Point Infrastructure Improvement District — on behalf of a subsidiary of developer RCI Group — will issue $30 million of additional debt in May, according to an investor presentation disclosed Monday on the Municipal Securities Rulemaking Board’s EMMA website. Since the sale of about $50 million in unrated muni bonds in 2021, plans for the first phase of the massive 2.8 million-square-foot development have changed, necessitating extensive site clean up and infrastructure.
Proceeds of the latest bond offering will cover public improvements and remediation.
Bloomberg Industries
By Martin Z Braun
April 29, 2024