Brownfields |
A Brownfield is a piece of industrial or commercial property that is abandoned or underused and often environmentally contaminated. Unfortunately, many of the great industrial cities of the past such as Bridgeport are burdened with many of these sites which can present legal, environmental and development challenges. The EPA’s Brownfileds Economic Redevelopment Initiative is designed to empower states, communities, and other stakeholders in economic redevelopment to work together in a timely manner to prevent, assess, safely clean up, and sustainably reuse brownfields.
CommCap manages the City of Bridgeport’s EPA Brownfields Revolving Loan Fund.
1558 Barnum Avenue1558 Barnum, LLC purchased 1558 Barnum Avenue, a brownfield where a junkyard had operated for years. Community Capital Fund received $2.3 million of EPA funds through the City of Bridgeport, as part of the Brownfields Revolving Loan Fund that it loaned to the project for remediation. Once the property is cleaned up, new industrial condominiums will be constructed. The entire project is expected to cost $5.5 million.
