Nice piece by the Los Angeles Times about Phil Kuchma, developer of Bijou Square on Fairfield Avenue downtown.
Reporting from Bridgeport, Conn.— Philip Kuchma brightens as he drives past a vacant lot in Bridgeport, Connecticut’s most populated — and poorest — city.
“When you see open land like this, it’s just such an opportunity,” the longtime local developer said. “It could be used for attractive cottages with people walking to the waterfront.”
Kuchma, 61, peers through rimless glasses as he gives a tour of his hometown. But you have to wonder: Are the glasses really working?
Full story here.
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BRAVO!
Good article.
What is going on with Downtown North?
Also a more in-depth report should be given as to who the people actually were who did the gap financing at the end of the day. I don’t think it was the National Development Council nor was it the City.
I know the Connecticut Housing Finance Authority (CHFA) played a major role in both restructuring the deal and providing funding. As a former member of CHFA’s Board of Directors, I am proud of the role it played, often in the face of internal and external criticism from those who said,”it’s Bridgeport, let it go, it won’t work.”
Part of the credit also goes to Governor Rell, who supported the CHFA Board’s decision; and GE, which had loaned CHFA money, at favorable rates, for projects like this.
Of course, none of that would have mattered if Phil Kuchma had done what many developers would have done and walked away.
The Man in Black!
It’s about time. Phil Kuchma has been trying for over 30 years to help revive Bridgeport and has been met with innumerable roadblocks, many life threatening. Perseverance does pay off. Hooray for Phil and good luck.
Too bad Mario Testa and Paul Timanelli have to be dealt with by developers of Kuchma’s ilk.
Excellent L.A. Times article. Excellent progress on Bijou Square. Bridgeport is very fortunate Phil Kuchma keeps on investing in Downtown. The sign for his next phase has been up for quite a while in the parking lot next to Épernay. Schwerdtle Stamp has finally found an excellent building to consolidate their production and offices on Benham Avenue off Park Ave. The Schwerdtle family has had the stamping operation in Bridgeport for decades. It was tough for them to secure a Bridgeport location but they were determined to stay. Once their move is done, I bet it will clear the way for Kuchma’s next phase. Bravo all around. Two great families that are dedicated to helping Bridgeport succeed by making significant investments that will also help their businesses succeed. Can’t beat that! And yes Bridgeporteur, National Development Council, the City, as well as the GE Capital financing through CHFA helped Kuchma get Bijou Square to come alive. Bravo Kuchma and Schwerdtle families! Go Giants!
Congrats, Phil!!!
Bridgeport is NOT the poorest city in CT:
New Haven: The income per capita is $19,821, which includes all adults and children. The median household income is $35,935. Hartford: Income per Cap. $15,930; Household Income, $30,014. Bridgeport: Income per Cap. $19,720; Household Income, $42,939.
*** Bpt could use more developers like the man in black, no? ***