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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 Lancaster Gate acquiring the property, it had been vacant for about 8 years.
Lancaster Gate 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. Lancaster Gate 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. It has made a substantial impact on the surrounding neighborhoods and the value of the real estate in South End of Bridgeport.
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