BL Companies completed a site due diligence and feasibility study for the future site of Bridgeport Landing, a $950 million mixed-use waterfront development proposed for the Steel Point Peninsula in Bridgeport, Connecticut. The purpose of the study was to identify hidden site conditions, potential site constraints, permitting issues and problem areas as well as to determine the potential impact on the proposed design, construction costs or time of construction for the proposed development.
The site is comprised of numerous lots comprising about 50 acres of mostly vacant and unproductive land. Past uses include residences and the former United Illuminating power plant. Current uses include a dry-dock pier and private marinas. The total building program is about four million square feet, with proposed uses including office, retail, residential, conference center and yacht club.
The due diligence and feasibility study identified significant site conditions, constraints and premiums requiring about $120 million necessary to prepare the site for construction. The conditions included environmental investigation and remediation costs, power plant foundation demolition costs, geotechnical and structural design premiums, utility relocation costs, off-site traffic conditions and potential improvements, and marine engineering costs and improvements. In addition, the study identified significant permitting and regulatory obstacles associated with the redevelopment of the shoreline that will likely require some planning and design modifications.