168 Elsworth Street, Black Rock — open to developer partners under ground lease or equity.
Luca will entertain either of the following deal types. Numbers are drawn from the Black Rock new-build pro-forma (median rent $2,375/mo, new-build construction costs, Fairfield County comp data). Negotiate from here.
| Term | Ground Lease | Equity Partnership |
|---|---|---|
| Annual to landowner | $18,000–$30,000/yr $1,500–$2,500/mo ground rent, fixed + CPI |
$8,000–$14,000/yr 20–40% of net rental income at stabilization |
| Developer capital vs. buying land | ~$200K–$320K saved No land purchase — redirect to construction capital |
~$160K–$270K saved Land equity counts as your partner's contribution |
| Lease / hold term | 30–99 years Improvements revert to landowner at end |
Indefinite co-ownership Exit via sale or refinance by mutual agreement |
| Upside at stabilization | Capped (ground rent only) Predictable, passive, index-linked income stream |
Proportional to equity split 20–40% of appreciation + cash flow on sale/refi |
| Landowner risk | Minimal Developer absorbs construction + operating risk |
Proportional Shared risk / shared reward model |
Based on Black Rock pro-forma: median new-build rent $2,375/mo, construction cost $250–$350/sq ft (CT avg), land value $200K–$320K (Fairfield County comps). Not a binding offer — actual terms by negotiation.
Black Rock is one of Connecticut's most sought-after coastal neighborhoods — a walkable, waterfront enclave in Bridgeport, 60 minutes door-to-door to Grand Central on Metro-North. Professionals priced out of NYC are arriving in force. The neighborhood median is $553K and rising, rental demand is strong, and active building permits hit 229 in 2025 alone.
168 Elsworth Street is a 0.25-acre infill lot zoned R-1. Half a mile from Fayerweather Island, minutes from Yellow Horse Bistro and the marina. The lot is shovel-ready and the landowner is actively seeking a developer partner — not a buyer. The land stays in the family.
Pick your comfort level — both structures work on 168 Elsworth.
The landowner retains title. You lease the land long-term, build, operate, and manage. Monthly ground rent flows to the landowner — passive and predictable.
The landowner contributes land as equity. You bring construction capital. Ownership splits proportionally — rental income and exit proceeds divided by agreed percentages.
Hybrid structures (partial ground rent + small equity stake) are negotiable. BridgeVest facilitates; you and the landowner set the final terms.
| Line Item | Ground Lease | Equity Partnership |
|---|---|---|
| Land cost to developer | $0 (leased) | $0 (contributed as equity) |
| Estimated land value | $180K–$320K | $180K–$320K |
| Est. construction cost (1,800–2,200 sq ft) | $450K–$770K | $450K–$770K |
| Supportable build cost (DCR 1.25×) | $400K–$550K | $400K–$550K |
| Monthly gross rent (comp range) | $2,500–$3,200 | $2,500–$3,200 |
| Monthly ground rent / distribution | $1,500–$2,500 (to landowner) | 20–40% of net (to landowner) |
| Developer net monthly (est.) | $500–$1,200 | $1,500–$2,400 |
Rental comps: Zillow, Apartments.com, active listings (2025). Construction: CT market avg $250–$350/sq ft. Land: Black Rock teardown comps. All figures are estimates. Formal appraisal required before deal close.
A developer building here without a ground lease must find $180K–$320K in land capital before breaking ground. BridgeVest eliminates that. The economics shift from "hard to pencil" to "possible."
No pitch deck required. No brokers. Just drop your name, firm, and what you're thinking — Luca will respond within 24 hours.