Great Oaks - Bridgeport
The Cherry Street Mixed-Use Community is an adaptive re-use of the former American Gramophone Company, originally built in 1870 with additions through 1934. The project has three distinct yet complementary uses: 157 units of workforce housing, 425-student charter school, and 17 units of additional housing set-aside for tutors employed by the charter school. The housing needs in the West End community of Bridgeport, CT had been unaddressed for decades, resulting in a 2% vacancy rate despite substandard stock. This project helps address the void in the affordable housing supply that the area’s current renaissance has created, particularly for civic employees and teachers. The site is built on a square block, which provides for a lovely 1.5-acre interior courtyard, which we’ve divided into areas for farmers markets, a concert setting, and a park/playground. The old shipping building has been converted to community space with a mailroom, health club, bathrooms, and management offices. On-site fuel cell energy generation will provide clean energy at a significant discount to tenants, and the cell’s thermal release will be used to heat resident water. The project has excellent visibility, highway access, and is only a half a block away from public transportation.
Financing sources: 4% LIHTC; Signature Bank, Peoples United Bank, Santander Bank ($15,100,000 equity), Federal Historic Tax Credits ($12,500,000) Connecticut Housing Finance Agency ($17,500,000 loan) Dept. of Economic Development ($2,600,000 loan), Eversource & Ct Trust ($11,500,000 State Historic Tax Credits) Private Investment ($6,400,000) Private Lenders ($14,400,000).
Reference: Joseph P. Ganim, Mayor, City of Bridgeport
(203) 576-7201 | firstname.lastname@example.org
- START / PLANNED COMPLETION: Nov 2016 / Jul 2019
- EST. DEVELOPMENT COST: $80,000,000
- HOUSING UNITS: 157 + 17
- SCHOOL CAPACITY: Grades 6-12; 425 Students
- LOT & BUILDING SIZE: 3.5 ac; School 69,000 sq. ft, Residential 165,000 sq. ft., Tutor Housing 23,000 sq. ft.
- OPERATOR: Great Oaks
- DEVELOPER: Strategic Growth Partners, Inc. (TPC) and G2 Capital, LLC
- ARCHITECT: Crosskey Architects
- CONTRACTOR: Construction Resources, Inc.