Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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CENTER REVIEW 100 • SHOPPING CENTER BUSINESS • May 2016 pointe theater will be the first in the North- east for Mexico-based Cinépolis, which is currently the fourth largest cinema chain in the world. Both Hampton Inn and Cinépolis are a part of Steelpointe Har- bor's second phase, which also includes the 50,000-square-foot harbormaster's building and the Outlets at Steelpointe Harbor. Public streets in Phase II are es- sentially complete, and vertical construc- tion is expected to begin this summer. Jerum also says that a number of outlet retail tenant announcements can be ex- pected shortly, and that Steelpointe has received an enthusiastic response from a number of familiar national names. All told, outlets and value retail will take up roughly 300,000 square feet of the proj- ect's 750,000 square feet of retail. Project developer and Bridgeport Landing principal Robert Christoph Jr. says that the integration of outlet retail has been a game changer for the project. "Tenant demand and creativity drove our decision," he explains, "but we also rec- ognize that the site's outstanding regional accessibility, visibility and large trade area have played a significant factor." Over 5.5 million people live within a 60-minute drive of Steelpointe Harbor, which benefits from its proximity to I-95. Steelpointe also features a direct Manhattan rail connection, with trains running from Grand Central Station and nearby Bridgeport station, and a link to Long Island by water via the soon-to-be-re- located Bridgeport-Long Island Ferry, which makes up to 20 round-trips per day between Bridgeport and Port Jeffer- son, New York. The ferry, which provides vehicular and pedestrian service to more than 850,000 people per year, projects its annual ridership to increase to 1.4 million after moving its Connecticut terminal to a new location adjacent to Steelpointe. More than merely providing additional access, the waterfront is clearly an iconic and defining feature for Steelpointe Har- bor. Taking advantage of its status as the first navigable lighted deep-water harbor north of Manhattan and south of Boston, Steelpointe Harbor will feature a 200-slip full-service marina that will host yachts and pleasure crafts up to 300 feet long. Christoph says that Steelpointe Harbor will be a convenient and cost-effective staging area for chartered yachts going to and from Manhattan, as well as a popular berthing area for recreational users. Jerum says that Steelpointe's Water- front is a primary amenity for tenants. He explains that Bridgeport Landing is work- ing closely with Yard House to design a custom rooftop deck to take full advan- tage of the restaurant's prime waterfront location. Bass Pro Shops is also already leveraging its dedicated marina on the Yel- low Mill Channel to host events, provide educational seminars and conduct "sea trials" for its customers. Christoph says that RCI, which has exe- cuted successful waterfront revitalizations from Boston to Key West, sees something very special in Steelpointe Harbor, which occupies the site of a former power plant and manufacturing center. "Developing a waterfront project of this scale is certainly not for the faint of heart," says Christoph. "These are com- plex projects with many moving parts, but when you can bring a historic site like this back to life, there is nothing more gratify- ing or rewarding." Christoph praised civic and communi- ty leaders in Bridgeport for their support throughout the development process. "From the beginning, we've received out- standing cooperation from the City of Bridgeport," says Christoph. "The mayor and city officials have been true partners in this project, and we are excited to be justifying their good faith by delivering a dynamic mixed-use amenity, and a strong economic engine to the region." SCB • Build-to-Suit • Conversions • Acquisitions • Equity for Developers • Brokers Protected • 260+ projects developed retailers • Development experience in 25+ states N3 Delivers Real Estate to Retailers

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