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Indiana developer plans 420-unit rental complex in Bridgeport

Flaherty & Collins has construction financing for $200M mixed-use waterfront project

Flaherty & Collins' Ryan Cronk with rendering of planned rental complex in Bridgeport (Flaherty & Collins)
Flaherty & Collins' Ryan Cronk with rendering of planned rental complex in Bridgeport (Flaherty & Collins)

An Indianapolis-based multifamily developer is marking its entry into the Connecticut market with a $200 million apartment complex on the Bridgeport waterfront.

Flaherty & Collins Properties said Tuesday that it’s building a 420-unit mixed-use project with 10,000 square feet of commercial space in the city’s Steelpointe Harbor area. It’s developing the complex in partnership with RCI Group, a Bridgeport-based developer that specializes in waterfront properties, and has a construction lender in place.

Units will range from studios to three-bedroom apartments, Multi-Housing News reported, spanning between 400 and 1,700 square feet.

Amenities will include a waterfront pool and deck, outdoor kitchens, a dog park, a pet spa, a fitness center and a pickleball court, and residents will have access to a water taxi that can take them to nearby Pleasure Beach.

Flaherty & Collins plans to break ground either later this year or early next year, according to Multi-Housing News, depending on the approval of required permits from environmental agencies.

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The complex will be part of the larger 2.8-million-square-foot Steelpointe Harbor development, which is ultimately expected to yield 1,500 housing units, 200,000 square feet of commercial space, a 200-slip marina and 130-key hotel. So far, Bass Pro Shops, Chipotle, Starbucks and Boca Oyster Bar have come in as retail tenants.

The Bridgeport City Council approved a tax abatement for Flaherty & Collins’ portion of the project in January, under which Bridgeport will receive $24,000 per year in taxes for the first three years while residential units are built and leased, according to the Hartford Business Journal.

After that, the city will get $1.26 million per year, which will increase by 2 percent each year before topping out at $1.47 million in year 10.

Flaherty & Collins manages nearly 12,000 apartment units across 72 properties spanning 12 states, according to its website.

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