The Exponent Telegram
Sunday, July 27, 2008
by Colleen Wright, Staff Writer
Bridgeport – Charles Pointe, a $1.4 billion project, already has added more than $100 million to the state economy and has created more than 300 jobs, said Jamie Corton, managing partner of Charles Pointe developers Genesis Partners.
The development, which has been in the construction stages for little more than two years, is one of 47 projects that received funding from excess lottery revenue bonds through the West Virginia Economic Development Authority.
The WVEDA gave the city of Bridgeport $6 million to be used for the development.
Roughly $1.5 million of the grant was used for the construction of the Bridgeport Conference Center and the other $4.5 million was used to cover the cost of water, sewer, storm drain, street and sidewalk installation in the North Land Bay of Charles Pointe.
“The West Virginia grant money that was utilized was the seed money to jump start the entire development,” said Bridgeport City Manager Kim Haws. “The whole intent of the development money was to stimulate further growth and development, and there is no question that it met its intentions.”
The city also contributed an additional $1.5 million of hotel/motel tax dollars to complete the construction of the conference center, Haws said.
The rest of the funding has come from private entities and $97 million came from state tax increment financing, better known as TIF bonds.
The development, slated to be complete in 10 to 15 years, already has more than 250,000 square feet of commercial retail property complete and occupied.
A 58,000-square-foot professional office building, which is part of a 300,000 square foot market area, is under construction and is expected to be finished by October, Corton said.
This fall, the construction of another 78,000 square feet of the market area is slated to begin, Corton said.
In the future, plans are in the works to “roll out” Charles Pointe South, Corton said. The 500 acres of Charles Pointe South will include a recreation area and an expansion of commercial development.
Three multi-family housing projects are under construction, of which Corton said more than 60 units have been sold.
Genesis Partners is in the process of finalizing infrastructure on an additional three single-family neighborhoods, of which at least eight homes already have been sold for between $300,000 to $500,00, he said.
At the end of the project there will be roughly 2,300 homes in Charles Pointe.
Bridgeport councilman Drew Pomeroy describes the Charles Pointe development as “unbelievable.”
“It is one of the major developments up there, and it shows you what people think of Bridgeport to invest that amount of money into both residential and business opportunities,” Pomeroy said.
Councilwoman Ruth Allen agrees.
“Just think of all the additional business and occupation taxes that this type of thing has brought into the area. What is good for Bridgeport is also good for the rest of the area, and what is good for the rest of the area is also good for Bridgeport,” Allen said.