From city Communications Director Brett Broesder:
U.S. Senator Chris Murphy and Mayor Bill Finch joined other elected officials and developers today in Bridgeport to stress the importance of the federal Historic Tax Preservation Incentive Program, which is vital to ongoing improvement efforts in Bridgeport’s downtown.
“Downtown Bridgeport is coming back. It’s the place to be. It’s got access to shops, to services, to transportation, and it’s happening in part because of a federal tax program that is always at risk of being defunded,” said Senator Murphy.“In Bridgeport, we’re making smart investments in the future. One example of this is our improving downtown. We’re helping developers improve the city by accessing historic tax credit programs. These projects are resulting in job creation and businesses coming back to Bridgeport, helping our city to continue getting better every day,” said Bridgeport Mayor Bill Finch.
Click here for video: bit.ly/17yniVP
(In video, speakers from start to finish: U.S. Sen. Chris Murphy, Fletcher-Thompson Managing Director Mike Marcinek, Mayor Finch, and Bridgeport Economic Development Director David Kooris.)The Federal Historic Tax Preservation Incentive Program provides tax credits for the rehabilitation of income-producing properties listed on the National Register of Historic Places. The tax credits cover 20 percent of total qualified rehabilitation expenditures (click here for more information on the federal tax credit program: 1.usa.gov/1sms9T4). Many states, including Conn., offer additional incentives to restore historic buildings (click here for more information on Conn.’s program: 1.usa.gov/1tX6Bbj).
Sen. Murphy and Mayor Finch–joined today by Spinnaker Real Estate President Kim Morque, Urban Green Principal Eric Anderson, Fletcher-Thompson Managing Partner Mike Marcinek, City Councilman Jack Banta, and City Councilwoman Denese Taylor-Moye–toured three buildings in Downtown Bridgeport that are using historic tax credits: The Security Building, Jayson-Newfield Building, and Mechanics & Farmers Bank Building.
The Security Building (1115 Main St.), located in Bridgeport’s Downtown North, is an approximately 88,000 square foot, eight-story, office/retail building with a full basement on a 0.36-acre lot. The building, built in 1904 and remodeled in 1950, is currently vacant. It is being renovated by developer Spinnaker Real Estate Partners (click here for a photo and information on the site: bit.ly/1yW2AuH).
The Jayson-Newfield Building, also located in Bridgeport’s Downtown North, will combine the Jayson Building (179 Middle St.) and Newfield Building (1184 Main St) into one structure. It will serve as home to 104 new apartments and 8,000 feet of ground floor retail space. It is being renovated by developer Urban Green. (Click here for a rendering and photos of the site: bit.ly/1wyVFSh. Click here for video of the site: bit.ly/1wLzwQG.)
Forstone Capital’s Mechanics & Farmers Bank Building initially opened in 1930. The building served as home to Mechanics & Farmers until the bank folded in 1991. More than a decade later, Forstone Capital purchased the building. As part of Forstone’s renovation of the 40,000 square foot building, they decided to develop the first floor as 25,000 square feet of office space, which is now occupied by Fletcher Thompson. The second and third floors of the building–titled Landmark–consist of 30 new apartments, which are completely occupied (click here for video of the building: bit.ly/1AESoEJ).
“I want to be able to speak from a firsthand perspective on what the federal tax credit program is bringing to cities all across the country. You couldn’t redevelop a beautiful old property like this without that federal program,” said Senator Murphy.
Good job, keep the money coming and thanks for working on a Sunday.
JML, on a side note I did attend the lecture by Rob Sullivan at Watermark. Very interesting. I will read the book.
On a side note, The letter to the editor by Mary-Jane FOSTER regarding the Bluefish was on the money. Bridgeport needs to support this enterprise. I think Joe Ganim took credit for Harbor yard and the Arena. The Harbor yard is on the verge of financial ruin. The attendance is abysmal. It is a shame, it is a positive force downtown. I urge the Mayor to incorporate some of Bridgeport’s top attractions in his marketing campaign as these venues do address quality of life issues. In the letter to the editor, I did not understand MJF’s request of Paul Timpanelli.
Did Chris Murphy really state Downtown Bridgeport is the “Place to Be?” Maybe the place to be for some but there certainly was not a live body in sight from where these buildings sit. Folks act like they are reinventing the wheel. The Historic Tax Credits have been instrumental in doing Bridgeport’s greatest success stories of the past 20 years including Washington Park, 588-612 East Main Street, Maplewood School and the Reads Building. The problem has been this administration has sat on its hands the past eight years with regard to Downtown North. The Administration should issue an immediate apology for this, the Pleasure Beach Bridge, The Congress Street Bridge, Steel Pointe, Bryant site, BEDCO site on Seaview Avenue and the Harbor.
Above is a perfect example of why those in government have no clue as to how to create positive revenues. You don’t need a lifelong politician trying to create something when he/she does it with your money. You need a business person of substance and vision to be given carte blanche to rebuild and develop a decrepit downtown like Bridgeport.
Did Murphy say he can find some money for the Congress St. Bridge???
It’s twice as hard to get money out of Washington when your team is out, right Jimmy Himes?
Caretaker Finch is getting desperate for a project he can claim is his own.
Finch is trying to put all these post-election fake projects together, I just can’t stop laughing!
If these projects come true, they will cost the taxpayers of Bridgeport Millions of Dollars we can’t well afford, Fed money or not!
Finch, Sherwood, McCarthy and Hamilton Burger, it’s over!
Hey! These clowns can’t even balance the freaking budget for the past seven years!
This may be the only year without a tax increase! Wink*
*And here’s to you, Joe Ganim, Bridgeport turns its lonely eyes to you.
And here’s to you, Joe DiMaggio, Jesus has a place for those who pray. Hey hey hey.
Jimfox, I agree with you, you made some good points. There will be no money from Washington, Himes is doing his dog and pony show to make it look like he’s doing something.
Stevie!
Joe Ganim, aleph shalom.