 |
|
 |
The Heights at Golden Hill
One of the more recent projects is the renovation of a fifty-unit apartment building. The property was purchased in1997. Located in the downtown Bridgeport, the distressed state of the building, having been unoccupied for 10 years, have kept the investors away. FND looked beyond the building’s current state and recognized its potential and the advantages of its central location. The building has since undergone major rehabilitation from ground up and reported a huge success by the Mayor on behalf of the city of Bridgeport and in local press, including The Connecticut Post. It is attracting and renting to professional clientele and accomplishing a nil vacancy factor. The success of this project was the catalyst for attracting local and out of state developers into downtown Bridgeport. Today, 17 buildings that have been abandoned or not fully utilized for a number of years in downtown Bridgeport are scheduled for renovations by various developers. |
The Lofts on Lafayette
The former ‘Warnaco’ site was once a home to the largest undergarment manufacturer in the US. The site has eleven interconnected buildings of brick structure, totaling 160,000 square feet. Prior to FND acquiring the property, it had been vacant for about 8 years. FND is in the process of transforming the site into 140 loft style apartments and townhouses in a secured complex with onsite facilities. Before the completion of the first phase, 80% of the apartments & townhouses have been sold. Located in Bridgeport, the style and quality of the product impressed and attracted professional clientele from Fairfield, Trumbull, Eaton, Westport and other towns in CT, as well as from NY, RI, and other surrounding states. The Mayor of Bridgeport takes potential investors to the Lofts to demonstrate the success of an investor with a vision. FND has invested about $7M into this project so far and budgeted to invest another $6M to complete it. It is projecting to have a 37% or higher net return on its investment. This project was reported as a huge success in the Connecticut Post (see attached). It has made a substantial impact on the surrounding neighborhoods and the value of the real estate in South End of Bridgeport. |
Cherry Street
This project includes multiple properties occupying the Cherry Street, Howard Ave, Railroad Ave, and Hancock Ave block in West End of Bridgeport. All buildings combines total to over 175,000 sq ft. This site has a similar history to Warnaco site. Due to the slowdown of the manufacturing industry in US, the prior owners had difficulties finding commercial clientele to fill the buildings. As a result, the property has been vacant for over 15 year. FND, having recognized the shift in the real estate market’s demand, saw a great potential in the beautiful 3 –story brick buildings with 16-foot ceiling and oversized windows and is planning to renovate the site into loft style apartments with multilevel parking garage onsite (see attached). With housing prices skyrocketing in lower Fairfield County, Bridgeport is on of the last towns that present opportunities for investors to make a good profit while providing affordable housing to a young professional clientele. Currently, the company is working on changing the zoning for the site from commercial to residential and preparing architectural plans for the project. It is projecting to start renovations early 2006. |
|
|
|
