The Bridgeport City Council approved a massive redevelopment plan of the Steel Point peninsula Monday.

Mayor John Fabrizi (D-Bridgeport) supported the $1.5 billion proposal, which calls for selling the 52-acre peninsula to New York City developer Midtown Equities.

"I believe a strong number of City Council members know what the impact of this vote means to Bridgeport's future," Fabrizi said. "We're talking about 20,000 construction [jobs and] 10,000 permanent jobs beyond that."

Midtown Equities plans to build up to 3,500 upscale condominiums and townhouses, retail shops and a 350-ship marina and yacht club. Fabrizi estimates the project will generate at least $19 million in property tax revenues immediately, and potentially $31 million in the future.

Despite Monday's vote, the Steel Point project still requires a variety of zoning approvals before construction can get underway.

Related Information:Unionofficials urge rejection of Steel Point planMayorinks Steel Point redevelopment pactMajorstep forward for Bridgeport in Steel Point project