Mayor John Fabrizi announced Monday the signing of what he called "the largest and the greatest economic development project ever in the history of the City of Bridgeport."

At a news conference, Fabrizi said an agreement was signed with the developers of Steel Point. The deal with Bridgeport Landing Development Corp. includes re-invigorating the city with new office buildings, adding low-income housing units, and creating a retail center.

At its meeting Monday night, the City Council is expected to refer the agreement to a special committee that will meet on Thursday, September 20. Fabrizi said he hopes the deal receives full Council approval by mid-October.

William Lopez, director of security and community outreach for the developers, said the project will bring in residents and reduce crime.

"We as developers go into the community and you have to make sure that you empower the community," Lopez said. "They must feel that they are part of the project."

Developers said they'd like to begin construction on the nine-year project in the third or fourth quarter of 2008.

Related Information:Majorstep forward for Bridgeport in Steel Point project