Photo courtesy of the city of Bridgeport
A proposed professional soccer stadium on Bridgeport’s waterfront could bring in nearly double its construction cost in economic benefits, according to a new study paid for by its proponents.
The University of Connecticut Center for Economic Analysis report says that the $1.6 billion construction project would deliver $3.4 billion in overall economic benefits to Bridgeport and the surrounding area, and “the economic benefits far exceed the anticipated level of public investment.”
The development team is seeking
The initial, up-to-10,000-seat modular stadium could be replaced by a permanent, 22,000-seat facility if Park City Development Group’s application to bump Connecticut Sports Group’s new CT United MLS Next Pro soccer team up to first-tier status is accepted. The ownership group also hopes to form a National Women’s Soccer League team to play at the stadium, as well.
In addition, developers plan 1,005 apartments across five buildings, a 260-room hotel and a 68,000-square-foot retail/restaurant complex on the site of Bridgeport’s former greyhound racing track and Jai Alai venue.
“Development partners and investors have made it clear the stadium is a must-have to trigger their investment in the housing and hotel, both desperately needed in Bridgeport,” André Swanston, a Connecticut Sports Group partner, said in a statement.
The site is also close to the Steelpointe Harbor mixed-use development site and downtown Bridgeport’s Metro-North train station.
The analysis predicts the project will create jobs for over 6,300 construction workers and 1,000 full-time jobs by 2050.
If fully built out, the project will increase local property tax income in a 4-mile radius by $38.6 million per year by 2050 thanks to higher property values.
“This development will serve as a cornerstone for the Bridgeport region’s resurgence,” Bridgeport Regional Business Council President Dan Onofrio said in a statement. “It is designed to generate sustained economic benefits, attract investment, and create a thriving community hub. Its proximity to the train station, ferry, bus routes and I-95 ensures convenient access to residents throughout Connecticut and nearby states.”
