Transformation of Blighted Property into Multifamily Housing and School
Our Government Finance and Real Estate practices were instrumental in the transformation of a blighted industrial property in Bridgeport into multifamily housing.
In the first phase of the transformation, rehabilitation and construction on 157 residential apartments took place. The next two phases included the acquisition of additional properties for the development of the Great Oaks Charter School, housing for the school’s tutors and an additional 150 residential units.
For three years, our attorneys worked with the developer to assemble the additional property for the project and to close a financing transaction necessary to acquire the site. The property assembly included parcels owned by different entities, including the City of Bridgeport, as well as numerous easements, street abandonments and permits. We worked with the city and the developer to implement a favorable property tax incentive for the initial residential and charter school phases of the project.
We also negotiated two long-term leases with the charter school for the school facility and tutor housing. These leases will serve as security for the permanent federal and state historic tax credit financing expected to close in 2018.