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6/8/2015 - New Development at Downtown Bridgeport’s Security Building

“Construction at the Security Building downtown is just another example that Bridgeport is on the right track. Developers have taken notice. The old Mechanics and Farmers Bank building has been completely redone. There are three major redevelopment projects underway in Downtown North that will create well over 150 new apartments and new retail and commercial space. These projects are creating jobs and quality housing and expanding our tax base, proving that Bridgeport is getting better every day.” – Mayor Bill Finch

Bridgeport, Conn. (June 8, 2015) – Today, Mayor Bill Finch announced the latest major development project in Downtown North, another example of investors’ confidence in Bridgeport’s future.

“Construction at the Security Building downtown is just another example that Bridgeport is on the right track. Developers have taken notice,” said Mayor Bill Finch. “The old Mechanics and Farmers Bank building has been completely redone. There are three major redevelopment projects underway in Downtown North that will create well over 150 new apartments and new retail and commercial space. These projects are creating jobs and quality housing and expanding our tax base, proving that Bridgeport is getting better every day.”

Construction work has started at the Security Building, at 1115 Main St., an eight-story building built 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 first floor is being converted into commercial and retail space, while the remaining floors will be converted into residential units.

This will create more residential options for people to move to downtown Bridgeport (06604 zip code), which has the second highest concentration of residents in their 20s in Fairfield County, with 19.5 percent. And 06604 zip code is significantly younger than the nation as a whole, with 13.8 percent of Americans in their 20s.

The Security Building (1115 Main St.) and two adjacent structures 1103 and 1135 Main Street are to be redeveloped into a 66 artist lofts and ground level retail/commercial space. The Security Building 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. The second structure, 1103 Main St., is an approximately 8,600-square-foot, three-story, office/retail building with a full basement on a 0.08-acre-lot. The building, built in 1905, is currently used for both office and retail space. The third property in the portfolio, 1135 Main St., is an approximately 16,600-square-foot, four-story, office/retail building with a full basement on a 0.07-acre lot. The building, built in 1905, is currently vacant.

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 3,250,000 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.

Work already is underway across the street in the a long-neglected block. The Jayson Building (179 Middle St.) and the Newfield Building (1184 Main St.) 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.

“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,” added 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.