#United States #BridgePort #Economic Analysis #Connecticut Sports Group #Bridgeport Stadium

Bridgeport Waterfront Development Project: A Catalyst for Growth

A comprehensive economic impact study recently released by the Connecticut Center for Economic Analysis (CCEA), part of the University of Connecticut, sheds light on the transformative advantages of a proposed $1.6 billion waterfront development in Bridgeport. This project is set to be anchored by a new professional soccer stadium, anticipated to provide a monumental boost to local economy and community revitalization.

Key Findings of the Study

The findings from the CCEA analysis indicate that this waterfront development could generate an impressive $3.4 billion in economic output over the next 25 years and create thousands of jobs for residents in the area. Specifically, the analysis highlights several cornerstones of economic growth that include:

• - Job Creation: The project is expected to sustain over 1,300 new permanent jobs annually from 2025 until 2050.
• - Fiscal Benefits: Maintenance of a positive fiscal balance; projected revenues from this development are expected to exceed expenditures every year, leading to an estimated over $1 billion net increase in local and state tax revenues.

A Roadmap for Revitalization

The proposed development features a state-of-the-art soccer stadium with an initial seating capacity for 10,000 fans, set to be expanded to 22,000 for a future Major League Soccer (MLS) team. There are also considerations for a potential National Women's Soccer League (NWSL) franchise. Moreover, the mixed-use elements of the waterfront project will comprise:

• - Housing: Approximately 1,005 apartments, potentially expanding to 1,500.
• - Hospitality: A 260-key hotel and conference center.
• - Retail & Dining: 68,000 square feet dedicated to shops and restaurants.
• - Public Amenities: This includes designed green spaces, a public park, children's play areas, a revitalized riverwalk, and improved pedestrian access—all of which aim to turn an underutilized area into a vibrant hub for community engagement.

Dan Onofrio, President of the Bridgeport Regional Business Council, noted, "This development will serve as a cornerstone for the Bridgeport region's resurgence, designed to create a consistent stream of economic benefits and community engagement opportunities. Its strategic connectivity to transportation systems makes it accessible for residents throughout Connecticut."

Analysis of Different Development Scenarios

The CCEA study compared two potential configurations of the stadium—one being the smaller venue with an up to 10,000 capacity for the MLS Next Pro team CT United, and the other featuring the 22,000 capacity main stadium. Both scenarios retain identical housing, hotel, retail, and green space components.

Even with the smaller-scale stadium, the economic benefits remain substantial, showcasing an impact of $2.2 billion and nearly 700 new jobs every year. The stadium is viewed as key to attracting further investment in the region, which includes essential housing and hospitality developments.

André Swanston, a partner at Connecticut Sports Group, emphasized the necessity of the stadium, stating, "Development partners and investors have made it clear that the stadium is essential to trigger their investment in the housing and hotel, both of which are in high demand within Bridgeport."

A Long-term Vision for Economic Prosperity

Fred Carstenson, director of CCEA, shared the optimism surrounding the report, stating: "This study reaffirms our belief that this project could radically transform Bridgeport and Connecticut's economic landscape. The anticipated financial returns and long-term growth are poised to far exceed any state investment."

For those interested in exploring the full economic impact study, further information can be found at the CCEA website.

About the Connecticut Center for Economic Analysis (CCEA)

The CCEA operates under the School of Business at the University of Connecticut, specializing in economic impact and policy analysis studies as well as providing consultancy services related to business strategies and market analytics within Connecticut. Their work is heavily supported by data maintained by Regional Economic Modeling, Inc.

Conclusion

In summary, the Bridgeport waterfront development and its proposed stadium have emerged as pivotal projects for stimulating local job growth and revitalizing the community. As this project unfolds, it is expected to serve as a launch point for broader economic benefits throughout the region.