BRIDGEPORT -
A development project at Charles Pointe in Bridgeport just became even bigger. Jones Lang LaSalle and Genesis Partners announced an alliance to build up Charles Pointe to its fullest potential. It's a costly project, at $1.4 billion.
But those involved with the project said the project is already bringing in quite a bit of cash. The Buffalo Wild Wings is bringing in double its national average.
"What that shows us is that there is very much pent up demand for retail and office and residential," said Michael Elliott, Managing Director for Jones Lang LaSalle.
He said the demand is tremendous.
"Today, there's about a million square feet of shortage of retail in this area. And easily a 400-room shortage on the hospitality standpoint," Elliott said.
For the most part, Charles Pointe is ready to go; with more than 22 miles of utility infrastructure and 4.7 miles of roadways.
"Right now, the property is about 10 percent built out," Elliott said.
With so much more to come, there's a long list of projects in the works. Including a minor league baseball facility, additional hotel space, more homes, offices, and restaurants.
Still, this project is unique from most. For one, it is believed to be the largest public-private partnership in the United States.
But the potential for success is almost unarguable, with the proximity to natural gas companies, government agencies and the largest airport runway in West Virginia.
"I've worked on a lot of projects around the country that are very similar to this, but nothing quite this large and have the variables this one has," Elliott said.
Elliot said there are no dates currently set in stone, but the community could start seeing more buildup in the next year or so.
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