$100 Million Retail Center Proposed for Former Steel Mill Site.READING, Pa.--(BUSINESS WIRE)--July 23, 1998--Carpenter Technology Corp. (NYSE NYSE See: New York Stock Exchange :CRS CRS Course CRS Certified Residential Specialist (real estate certification) CRS Central Reservation System CRS Can't Remember Stuff (polite form) CRS Cost Reduction Strategy CRS Consumer Relations Specialist ) has agreed to sell a former steel mill site to a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of developer that wants to build a $100 million retail center on the Bridgeport, Conn., property. Philips International Realty Corp. (NYSE: PHR PHR Personal Health Record PHR Physicians for Human Rights PHR Professional in Human Resources PHR Public Health Reports PHR Partnerships for Health Reform Phr Phrygian (linguistics) PHR Presse Hebdomadaire Régionale ) has proposed the 550,000-square-foot center for the 50-acre waterfront site, which has been vacant for a decade. "This project will help the city revitalize the waterfront and bring jobs to the East End," said John R. Welty, Carpenter vice president, general counsel and secretary. "It supports Bridgeport's other initiatives to change the city's image." The center will include three department stores, a supermarket, a state-of-the-art theater with stadium seating, waterfront restaurants and smaller shops. Tenant commitments have been secured. A portion of the site has been set aside for water-dependent uses. Construction will begin as soon as site plan approval is secured. "The project will create 600 construction jobs and 2,200 full-time jobs, and will be one of Bridgeport's largest taxpayers," said David J. Daddario, senior vice president of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Realty Advisory Services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , development consultant for the property. Philips International will provide financing for the project. "This is a private section initiative that doesn't need tax abatements," Daddario said. "All the financing is in place, and the tenant mix looks good." Carpenter acquired the steel mill on Seaview Avenue in 1957. In 1988, the company consolidated Bridgeport operations into its Reading, Pa., mill, and closed the facility. A number of entertainment, retail and industrial uses have been proposed for the property in the past 10 years. Carpenter, headquartered in Reading, manufactures and distributes stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. , titanium and other specialty alloys, and various engineered products. In fiscal 1997 (ended June 30, 1997), the company's sales were $939 million.
CONTACT: Carpenter Technology Corp.
Katharine Marshall, 610/208-3034
or
Philips International
Gregg Saunders, 212/951-3883
or
North American Realty Advisory Services
David J. Daddario, 212/883-0500
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