TRUMBULL – Connecticut Housing Partners has officially closed on the purchase of the former Holiday Inn in downtown Bridgeport, the affordable housing not-for-profit announced on Friday, Sept. 5.
Through a $22 million grant from the state Department of Housing, CT Housing Partners will convert the 95-bedroom hotel into 97 affordable housing units for Bridgeport residents. The not-for-profit also announced it will move its headquarters to the 1070 Main St. building from its offices in Trumbull when the renovations are complete.
“This project is a beacon of what’s possible when community, government, and nonprofits work together,: said Renee Dobos, CT Housing Partners CEO. “By converting the former Holiday Inn, we are creating nearly 100 affordable homes for members of the workforce in the heart of Bridgeport.”
Connecticut Housing Partners purchased the building from 1070 Main St. LLC for an undisclosed amount. The LLC purchased the former Holiday Inn for $6.5 million in 2022. As of 2024, the building was appraised by the City of Bridgeport for $12.34 million, according to property records.
While the financing and sale was just announced, workers have already been prepping the building for the conversion as is evidenced by the removal of furniture and fixtures over the summer.
“This is another example of leveraging whatever tools we have available to make fast and creative decisions in order to help our Connecticut residents get access to the housing they need,” said state Housing Commissioner Seila Mosquera-Bruno. “These units were recently rehabbed for market rate rents, and by providing DOH resources, CHP was able to acquire the entire building and essentially save significant money in construction costs.”
In today’s market, construction of a 97-unit building would have cost double or more than what it did, Mosquera-Bruno added.
CHP, which is marking its 35th year, anticipates further collaboration and partnerships that will enable it to develop and preserve housing tailored for low- and moderate-income households, seniors, and our essential workforce.
In the coming years, the not-for-profit is committed to building a more equitable and inclusive housing landscape in Connecticut, paving the way for lasting change and opportunities for all.
According to various reports, Connecticut has been ranked as the least favorable state in the United States for renters, attributed to several contributing factors, including high rental rates, a limited supply of available units, and low vacancy rates.
Recent data shows that Connecticut has seen a sharp increase in rental prices, with many areas experiencing rates well above the national average. This has led to a highly competitive market where potential renters face numerous challenges, including bidding wars and limited options.
The shortage of affordable housing developments further exacerbates the situation, pushing many families to the brink of displacement and forcing them to reconsider their housing options.
