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[Cotuit]

Governor Rowland Announces Downtown Redevelopment Funding for Bridgeport
Posted on 04/27/2004

Funds to Help Create Rental Housing, Commercial Space, and a Refurbished Parking Garage

Governor John G. Rowland today announced a $1 million Urban Act grant to A&F Commercial Builders, LLC for the rehabilitation of the Citytrust building at 955 Main Street in the northern section of downtown Bridgeport. The building will be converted into approximately 131 units of market rate rental housing and 29,000 square feet of commercial space, and will include a refurbished 277-space parking garage. Formal approval of the grant is expected to occur at the State Bond Commission meeting on Friday, April 30.

“The heart of Bridgeport is its downtown, and by providing quality rental housing, commercial space and parking there we are creating a vibrant downtown atmosphere, one where more and more people will come to live, work, shop and visit,” Governor Rowland said. “Momentum is building in the Park City and this project complements the many other investments the State has made in this proud city and its residents.”

The $1 million state grant supports the first phase of the four-phase “Downtown North” redevelopment project. The total cost of phase one is $24.6 million, and work on the Citytrust building is expected to begin this summer.

Phase two of the project includes the rehabilitation of the Arcade Mall and 144 Golden Hill Street, which will create 58 market rate rental units, 66,000 square feet of commercial space and 120 parking spaces. The project cost for this phase is $18.2 million.

Phases three and four of the project, which are expected to cost $68.5 million, include substantial rehabilitation of existing office space along Main Street to create 300-500 units of rental and/or homeownership housing and 120,000 square feet of commercial space. The total cost of all four phases is expected to exceed $111 million.

As a result of the RFQ (Request for Qualifications) process, the City of Bridgeport selected A&F Commercial Builders, LLC as the preferred developer for the Downtown North redevelopment project.

“The Citytrust building has been empty since the early 1990’s and it is time to take this gorgeous building and breathe new life into it,” shared Mayor John Fabrizi. “When you look at what’s happening in downtown Bridgeport between this redevelopment effort, our progress with the Intermodal Transportation Center, and the renovations already taking place at Sterling Market Lofts, you can easily see how reinventing the core of our downtown will be a catalyst for even more growth. There is renewed energy and interest in developing this area as a neighborhood and these projects are the first steps to making downtown Bridgeport a truly exciting destination.”

The Citytrust building has been vacant for several years, having formerly housed Citytrust bank. Mayor Fabrizi moved to foreclose on the property last year, prompting A&F Commercial Builders to make an offer to purchase the building and include it in the Downtown North redevelopment project. The Citytrust building encompasses four separate buildings and one full city block.

From City of Bridgeport Website

[Cotuit]

Two articles on Bridgeport's plan to seize land for waterfront development at Bridgeport Landing:

Boston.com
Fairfield County Business Journal

[ctman987]

I think Bridgeport needs something and this sounds like a start. Bridgeport is in a tough situation as a city. It is located close to New York City but because of Stamford doesn't attract all the businesses that want an easier CT city alternative that is still close to NYC. Bridgeport is CT's largest city but because it is not the capital, funding first went to Hartford, then to New Haven (Gateway project, I-91/95 reconstruction) and now finally it appears that funding is reaching Bridgeport.

This does seem like an awful lot of things to be built at once but lets see how it goes.

[Cotuit]

The pressure of people wanting to get out of New York City due to prices and/or security concerns is immense. There are hordes of New Yorkers who are looking for a low price urban alternative. For the ones willing to give up their jobs, Hartford and Providence are benefitting from that exodus. For the ones not willing to give up their jobs in the city, Bridgeport is very attractive. When I lived in NYC I heard not a few people toying with the thought of moving to Bridgeport. They just need a little something to tip the balance and New Yorkers will flood in.

Now one may have opinions on if being overrun with New Yorkers is a good thing or not, but the fact is, they'll bring a lot of money into the city.

[ctman987]

I love New York and New Yorkers and have to say Stamford for example is a great city because of New York.

I have to say though that I love CT, I love CT's cities and have faith in everything that is being done to revamp CT's cities but I have to say right now Bridgeport is a mess but I saw the plans on the news with renderings of what the Bridgeport waterfront would look like and you couldn't even tell it was Bridgeport so hopfully this ambitious project will do the trick or at least start the trick.