Mayor Joseph P. Ganim
For Immediate Release For More Information:
June 19, 2017 Dalmarys Matos (203) 576-7201
Mayor Ganim Introduces Developer to Restore Majestic Theater, Poli Palace and Savoy Hotel
Exact Capital Group LLC Selected as the Developer for Downtown Property
Bridgeport, CT- Mayor Ganim today introduced Craig Livingston, Michael Callaghan, and Michael Hendrickson from Exact Capital Group LLC as the selected to renovate and restore the Majestic Theater, Poli Palace and Savoy Hotel. Exact Capital Group proposes to create an iconic development that will revitalize and add mass to the downtown north development corridor that will complement and enhance other developments in the area. Exact Capital will preserve and incorporate into the project the beautiful, historic Poli Palace Theater and the Majestic Theater as well as the former Savoy Hotel while at the same time adding new market rate and mixed income affordable housing units, desired retail uses complementing residential occupancy, parking features, a community facility and a visual and physical connection between the landmark Theaters and the waterfront along the Pequannock River. The projected timeframe for the first phase is summer 2018.
Managing Partner of Exact Capital Group Craig Livingston said, “Exact Capital is thrilled to be awarded the designation for development of the Majestic and Poli Theaters and the surrounding parcels in downtown Bridgeport. Under the leadership of Mayor Ganim, this City has already seen an impressive wave of transformation and revitalization. The development of the downtown corridor will continue to accelerate the City’s revitalization and restore Bridgeport’s prominence as an important economic hub in the state of Connecticut. I thank Mayor Ganim for his leadership in seeking to restore the Majestic and Poli Theaters and the surrounding area and for his support of Exact Capital’s vision of creating a 24 hour community complete with new residential, commercial / retail, artistic, and entertainment venues.”
- The Majestic Theater will be renovated and reopen with 2,200 seats for use by local and regional performing arts groups that will be deeded by the City of Bridgeport
- Rehabilitate 3 first floor retail spaces for goods and services complementary to the renovated Savoy Hotel
- Renovate and restore the former Poli Palace entrance to original historic condition that will serve as an entrance to the renovated Savoy Hotel
- Use a portion of the Poli Palace Theater as gym or healthy lifestyle venue
- Use a portion of the Poli Palace as a ballroom or entertainment venue for hosting banquets, weddings, graduations, galas, conferences, etc.
- Rehabilitate Savoy Hotel to modern hotel standards
- Construct a new residential tower ranging from studios to 3-bedroom apartments with private terraces.
The City published a Request for Expressions of Developer Interest in the Development Parcels in December 2016 and by February 2017 received several development proposals. After reviewing development proposals and interviewing the developer candidates, the city selected Exact Capital Group.