“Rebuilding and revitalizing the historic Securities Building in downtown Bridgeport, creating more than 60 new high-quality apartments and thousands of square feet of new retail, is another example of Bridgeport being at the start of a major comeback. It’s a building that is part of our history and everyone has put their shoulder to the wheel to make sure it happens.”—Mayor Bill Finch
Bridgeport, Conn. (July 29, 2015) – Mayor Bill Finch and Spinnaker Real Estate Owner Kim Morque, as well as state and local officials, joined this week in celebrating a groundbreaking and giving a construction update at the historic Securities Building in Bridgeport’s Downtown North.
“Rebuilding and revitalizing the historic Securities Building in downtown Bridgeport, creating more than 60 new high-quality apartments and thousands of square feet of new retail, is another example of Bridgeport being at the start of a major comeback,” said Mayor Bill Finch. “It’s a building that is part of our history and everyone has put their shoulder to the wheel to make sure it happens.”
Construction work is underway at the eight story building, which is an 88,000 square foot building that was originally developed in 1904 by the Security Building Company. It was designed by architect Lucius L. Bridge of Philadelphia in the Queen Anne/Colonial Revival style. The Security Building and two adjacent structures at 1103 and 1135 Main St. are being redeveloped by Spinnaker Real Estate Partners, LLC. The building was remodeled in 1950, but has been vacant for more than a decade.
“This is going to be a very exciting project, and we’re going to bring it back to life,” said Morque. “Three buildings here. Six buildings across the street. Other developers are doing three or four buildings up the street, so this area is going to be transformed when we’re here next summer.”
The Securities Building project consists of the Security Building (1115 Main St.), as well as two adjacent structures (1103 and 1135 Main Street), which are being converted into 66 artist lofts and ground level retail/commercial space.
Tim Sullivan, the deputy commissioner of the state Department of Economic and Community Development, said state funds to support projects like the Securities Building are “incredibly important investments in downtown communities” to bring new housing, new jobs and new activity to Connecticut’s downtowns.
Under Governor Dannel Malloy, the state has invested $138 million in funds for environmental cleanup for projects like the Securities Building.
The developer, Spinnaker Real Estate Partners, is a second generation real estate company that is primarily engaged in the acquisition, development, ownership, and management of major commercial and residential properties which are generally located near its base in Fairfield County. Founded by a predecessor organization in 1950, Spinnaker Real Estate and its affiliates have completed more than $1.5 billion of acquisition, development or redevelopment.
In the last 20 years alone, the firm and its predecessor have owned or developed in excess of 3.25 million square feet of commercial real estate and over 5,000 single family and multi-family units nationwide.
The company is well-regarded for its commitment to high design standards and an ability to collaborate in private/public partnerships with various municipalities. In the process, Spinnaker Real Estate Partners has been bestowed with numerous design and planning awards.
“We’re always looking for a better city. We have a better city right now,” said Councilwoman Denese Taylor-Moye. “Mayor Finch and his staff have done so much to get these developers into here to do the job that needs to be done.”
Councilman Jack Banta said: “You guys have taken something that has been neglected for a long time and you’re turning it around. As our society changes, people are leaving the suburbs and moving back to the cities, so therefore this is coming on time. It’s an exciting time to be here in the City of Bridgeport.”
Across the street from the Securities Building redevelopment in Bridgeport’s Downtown North, work is underway at the Jayson Building (179 Middle St.) and the Newfield Building (1184 Main St.), which will be combined into one structure, the Jayson-Newfield Building. It will serve as home to 104 new apartments and 8,000 square feet of ground floor retail space.
- Click here for video of January’s Jayson-Newfield Building revitalization announcement: http://bit.ly/1BMC2cF.
“This is primarily about jobs. There will be jobs in constructing all these buildings. There will be jobs for workers that are living here, and once complete, there will be jobs in the retail sites being created,” said Mayor Finch.
The Jayson-Newfield Building is one of many revitalization projects that are planned to launch over the next two years in Bridgeport’s Downtown North area.
The Jayson Building was originally built in 1893. It’s a historic four story structure containing nearly 60,000 square feet on Middle Street. This 19th century building has a number of interesting historical features, including the original exterior masonry and brownstone windowsills. Much of the external structure will be retained or augmented, but the interior finishes will be replaced.
The Newfield Building was originally constructed in two phases between 1871-1907. It is located on the northeast corner of Golden Hill and Main Streets, and occupies more than 63,000 square feet. The brick, metal, and wood details of the building’s exterior will be maintained and refurbished. However, the bulk of Newfield’s internal structure requires replacement.
The Jayson Building and Newfield Building are being combined into a single structure by punching openings at each floor through their joined party wall.