East Main Development Site

The site is strategically located in Bridgeport, Connecticut featuring immediate access to Steelpointe Harbor’s Shopping, Dining, Marina and under construction 200-million-dollar mixed-use development. Downtown Bridgeport, Bridgeport Metro North train Station, M&T Bank Headquarters, Trefz Corporation Headquarters, The Bridgeport & Port Jefferson Ferry, Total Mortgage Arena & The Hartford Healthcare Amphitheatre, Housatonic College, and The Stress Factory Comedy Club are all within one mile of the site. The site is immediately adjacent to an Interstate 95 on-ramp and easily commutable to major area employment drivers in New Haven, Stratford, Shelton, and Lower Fairfield County. Additional demand drivers in Bridgeport include several Universities and two Hospitals.Northeast Private Client Group is pleased to present present 439 East Main Street, a zoning-approved, 74-unit 100% market-rate multifamily development site in Bridgeport, Connecticut. 439 East Main Street is currently a level, cleared lot comprising a total of 0.30 Acres. The site is zoning approved with plans and construction budget for a 74-unit apartment building with a ground floor retail suite. The designed unit mix features junior one-bedroom, one-bedroom, one-bedroom with den/office, and two-bedroom floor plans. Current ownership has completed environmental, construction drawings, geotechnical studies, site surveys, site plans, and structural engineering. Additionally, they have in hand a construction quote from an experienced general contractor who has completed other projects in Bridgeport. There is a seven-year tax abatement available, and ten or more-year tax fixes are also possible. A new owner will have to complete the coastal review process, engage the contractor, pull a permit, and begin construction. 439 East Main Street can be built to a year one yield of 8.35% (not including a tax deal) providing for immediate cash flow. Bridgeport, Connecticut has one of the tightest occupancy rates in the state, with the submarket vacancy rate currently at 3.9% and stable rent growth. This project will immediately benefit from the continued growth of the city at large, and from the transformation of the adjacent Steelpointe Harbor.