Bridgeport’s downtown north is a beleaguered area loaded with abandoned buildings. Clean that up and now you have a clean shot on Main Street all the way to the ballpark and arena to complement downtown progress. Mayor Bill Finch announced Tuesday the selection of three firms to develop downtown north, including Spinnaker Real Estate Partners www.spinrep.com one of the largest property owners downtown with a record of success. From the mayor:
Mayor Bill Finch today announced that the City has chosen three developers to move forward in the planned Downtown North Village District project, a six-acre parcel spanning six city blocks.
The developers include Spinnaker Real Estate Partners, Navarino Capital Management, and Schipper & Co USA. The proposals include mixed-use, residential and commercial development on the parcels they will acquire. All three have signed letters of intent that delineate the City’s interest in the proposals they have submitted, and gives them a two-month window during which a formal contract, or land disposition agreement will be completed.
“All three of the developers which we’ve chosen have proposed unique and exciting projects that will bring more people to downtown to live, work and visit,” said Mayor Finch. “This marks the beginning of a new chapter in downtown development.”
The City received nine proposals from eight organizations to develop one or more properties within the six-block area delineated in the Request for Proposals. The selection committee considered the following when reviewing the proposals:
· Net financial benefit to the City
· Financial capability of the proponent to proceed with the project immediately and without subsidy
· Project financing plan, with specific sources and uses of capital
· Compatibility of the proposed project or land uses with the surrounding neighborhood and the City’s Master Plan
· Qualifications of the proponent to implement its proposed project
· Development plan, experience of the development team, timetable and schedule for completion
· Proposed construction (design concepts, materials, incorporation of green building technologies, etc.)
· Real estate and personal property tax generation potential of the proposed project
· General plan demonstrating the ability to achieve the goals of the City’s Minority Business Enterprise OrdinanceDirector of Planning & Economic Development, Donald Eversley said, “Selections were made primarily on the strength of the concepts and the team involved. These projects are all about upside potential. For the most part, the buildings have been empty and deteriorating for many years and the idea here is to get moving. Ultimately, the City will reap its rewards by the increased new tax value of the blocks and the influx of new residents and businesses.”
The following are proposed:
Spinnaker et al.
· City Block 914 – all parcels
· City Block #915- parcel 915-9A (1149-53 Main Street), parcel 915-10 (171 Golden Hill Street), and parcel 915-10A (157 Golden Hill Street)The plan for Block 914 involves substantial redevelopment (and selective demolition) of the existing mercantile buildings HL Green, Kaye’s and connected structures. The project is expected to generate 35,000 square feet of commercial space, 31 residential units and 34 off-street parking spaces. The plan for Block 915 involves substantial demolition (and selective redevelopment) of the existing structures, including the K&R building on Main Street and the several buildings to the rear that front on Golden Hill Street, which is expected to generate up to 19 residential units, 12 off-street parking spaces and, possibly, an as yet undetermined amount of commercial space.
Navarino Capital et al.
· City Block #909 – all parcels
· City Block #910 – all parcelsThe plan for Block 909 is new construction on the vacant parcel bounded by Congress, Main, Gold and Middle Streets and redevelopment of the “Davidson Fabrics/Boy’s Club” building. Block 910 will be new construction in support of the primary footprint on Block 909. The project on both blocks is expected to generate a combined 91,940 square feet of commercial space, 164 residential units and 132 off-street parking spaces.
Schipper & Co USA (d/b/a Colorblends) and Tip Toes Real Estate LLC
· City Block #915 – parcel 915-9BThe plan is for substantial redevelopment of the former Fairfield Uniform building at 1163 Main Street, which is expected to generate 8,400 square feet of commercial space. The second floor will be office space for the flower bulb import company ColorBlends, and the first floor will be used for a Colorblends gallery/museum/retail space to be called “The Tulip Museum.”
Eversley noted that, in discussions with the development teams, the City stressed the need to retain the original buildings wherever possible and preserve the unique historic character of the central business district.
The complete list of RFP responders includes:
AMS Real Estate, LLC
Market Value Productions
Mutual Housing/Bridgeport Neighborhood Trust
Navarino Capital Management
POKO Partners LLC
Spinnaker Real Estate Partners, LLC
Starlight Construction Inc. (2 submissions)
Tulip Museum (ColorBlends/Schipper & Company USA)
My crystal ball says this will be another version of Steel Point …
lisawhite has a cloudy crystal ball. It’s early yet but Eversley has stitched together a proposal that’s been accepted by three parties. Out-of-town money likes Bridgeport. Its low costs has appeal. Things are moving in a good direction.
If I see lisawhite at the top of the ladder, it’s only because someone gave her a BOOST. She always sees the worst in things.
This is going to fall into the “Or what?!” category. Steel Point has been 20 years in the womb and all the city has to show for it is a painted wall and an empty field. The Congress Street bridge was stuck in the open position for how long before it was finally dismantled? And the Pleasure Beach pedestrian bridge. All indications are it would be relatively cheap to replace it but noooo, Finch wants to have water taxis, as if people were crossing the Bosphorus.
Development and revitalization in Bridgeport is a lot like mating elephants: a lot of grunting and groaning and it takes years to get any results.
If I “always see the worst in things,” it’s because I’ve lived in this city for too damned long.
What’s happening with the theaters? The hotel parcel? It’s showtime, Don; are there additional announcements? Time will tell.
Exit 27A as seen from Morgan Kaolian’s “skybox”:
exit27a.com/wp-content/uploads/2011/04/Aerial-view-exit-27a_324x484_aeropix.jpg
Find more at www .Aeropix.net
This is great news. I lived in some of the Spinnaker apartments in Milford and had a very positive experience.
Looks like this Spinnaker is not the same as Milford Spinnaker. I need to do more research.
So who here is voting in the Republican primaries next week? I doubt 1,000 will even vote in Bridgeport. Busiest polling places for the Republican primary should be Black Rock, Central, Blackham and Winthrop.
*** Let’s not be too negative too soon OIB bloggers, at least it’s a positive announcement for something new for northern downtown, no? *** JML: “TIME WILL TELL!” ***
*** C. SHAYS FOR US SENATE ***
Spinnaker has a great record in Norwalk and Stamford and their leadership buys into “New Urbanism” instead of the “Urban Renewal” mindset (see Steelpointe). If the economy rebounds then this project will go.
Color Blends owners are outstanding, enlightened individuals who took the former statue foundry, saw tooth structure across from the Remington Shot Tower a few years ago and gave the City a “clinic” on what can be done with older industrial properties. This one will be the first to advance, I predict.
JML, let’s leave the theaters alone for now. They have a good roof, the others don’t. It can wait for the tide to rise in the harbor. Let’s not rush to screw them up. I am fearful, though, the City does not secure these buildings and there is a tremendous amount of scrapping going on and also no ventilation and a lot of moisture retention causing a real bad mold problem and deterioration of the wood and plaster on the inside. = It would not take a lot of money to address this issue.
And what’s going on with the big vacant lot across from the theaters?
I don’t think any of these projects will move forward without a very substantial city tax break or Payment in Lieu of Taxes. At this point these buildings are a liability to the City. Don’t forget, all of these buildings were acquired by Ganim with Finch part of the equation as councilman and State Senator who slipped it through with Patrick Coyne under the Congress Plaza Redevelopment Plan. A lot of money was spent to acquire them through eminent domain and a lot of money was spent putting people out of their businesses: a disgrace.
Factor into the equation the amount of money it would cost to tear them down and provide this as subsidy to build them up.
And … what is Eric Anderson doing with the long-vacant Newfield Building and the Jason Building after all these years?
All these issues need a more professional and creative staff than currently exists in Economic Development.
Don’t forget, Eric Anderson was hand-picked by Paul Timpanelli as part of the Downtown North plan bid when many in the city were saying to divide the project. Also Finch was the head of BEDCO at this time and he turned into DEADCO!
Bridgeporteur,
You seem to know more facts than I do so thanks for reporting, comparing, contrasting and concluding.
The reason I asked about the theaters is there has been more ink and more photos spent on the cause of their renewal over the years than all of the other properties combined. Of course, I know nothing about how good their roofs are and with the current lack of rain in recent months that is not a concern. However, I am not sure what schedule the City is using for getting properties restored eventually to property-tax production.
It would seem it has been an overextended strip tease, doesn’t it? The City looks at the redevelopment areas and acquires the property at an expense to owners and at a loss of property taxes so it is non-performing or getting ready for the show. When the City sees the audience is out of patience, they change the program to a series of mini-acts and select three of nine which they will now review to see if any money should change hands. So the acts are not really on stage yet, but the Showman can point to “progress!” It is a glorified fan dance, isn’t it? The acts get old. The audience impatient. The tease continues. Listen to the extended drum roll. Wait for the sound of the cymbals when the revenue begins to appear. Time will tell.
HERE IS THE BOTTOM LINE; DDD. Drop Dead Date.
You can give them all the tax breaks you want. You need severe economic penalties if they do not meet target completion dates and these development rights are not transferable.
Put those rules in place and let them move forward.
Allow them to transfer rights, change completion dates, change concepts and the project will simply stall.
Bob, speaking of completion dates, what is drop-dead target completion date for Steel Point?
By the way Nancy, is all this development complying with the Master Plan?
And okay, so the old Boys club building is coming down? What will happen to the sculptures above the front door and who is running the historic preservation oversight for Downtown North redevelopment?
Many are pleased the mayor is moving on this area though. For months, our TV program been showing images of downtown north buildings with broken and open windows.
So let’s see, I Kim is expanding his presence downtown, already owns 211 State where People’s once owned some buildings. He did seem to be successful with South Norwalk revitalization. Will it work for Bridgeport? Investors are buying it. Are you? Mechanics & Farmers has sign up showing developers Fletcher-Thompson, Black Rock Bank has a lease sign looking for restaurants on the first floor. Bijou Square filled up its store front with a nice café called Melt, though other stores seem a bit overly elegant, maybe get artists to make it more funky.
Now we just need people to come downtown, right? Enter the artists’ scene … . Arts festival moving into high gear this year with BACC 13-week outdoor building projection video event this summer with deadline just passing two days ago for applications. But will artist presence downtown be ensured after success? Maybe Reade building should allow ownership for artists while they have a window of opportunity, especially now that window is finally getting fixed.