The city of Bridgeport has hammered out a deal with an electricity company for a development project at Steel Point.

United Illuminating has agreed to turn over about 11 acres of its own property in exchange for $14.9 million from the city. The land is on Stratford Avenue off I-95. Mayor John Fabrizi (D-Bridgeport) says the city is eager to break ground on the $1.5 billion waterfront complex, which will have restaurants, shops and apartments.

The city hopes to turn Steel Point into a major tourist destination and create jobs to boost the local economy.