"The amendment to the existing agreement was necessary in order for the project to move forward," explains Suzanne Amaducci-Adams of Bilzine Sumberg Baena Price & Axelrod, who represented Bridgport Landing LLC and RCI Marine, in a statement. "The lack of availability of bond and other financing and the collapse of the housing market, made the developer and the city refocus. The marina and retail portion of the project will come first, while the housing will be delayed until the market comes back."

Amaducci-Adams explains that a "combination of private financing, sales tax increment bond financing, real estate tax increment financing and other available government financing opportunities will be used to move the project forward."

SteelePoint Harbor at final build-out will cover 2.8 million square feet, comprised of a combination of 250,000 square feet of office, 650,000 square feet to 800,000 square feet of retail and entertainment with 4,000 parking spaces and a hotel. The 250,000 square feet of apartments will be delayed, but eventually will be home to a designation of 10% workforce housing. Additionally, 7,000 square feet will be for restaurant space.