The Sterling Market Lofts development in downtown Bridgeport, following a $14 million renovation of the former Read’s Department Store and other nearby properties, will offer 61 artists’ apartments.
Artists will have a new place to call home as downtown Bridgeport continues its renaissance with the addition of a large block of studio apartments.
Gov. John G. Rowland, together with Bridgeport Mayor John M. Fabrizi, various lenders and community leaders, recently broke ground on a $14 million renovation of the former Read’s Department Store and surrounding properties. Plans call for 61 artists’ apartments to result from the work.
Artspace Projects, a national arts organization based in Minneapolis, will develop, own and manage the building. The development, known as Sterling Market Lofts, is located in the heart of downtown Bridgeport and is a cornerstone of the city’s revitalization strategy.
“This project represents many years of hard work by the citizens of Bridgeport, the state’s Department of Economic and Community Development, the Connecticut Housing Finance Authority and private foundations such as the Greater Bridgeport Area Foundation,” Rowland said. “We are thrilled that Artspace Projects selected Bridgeport, a safe and secure Connecticut city, in which to invest their time, money and expertise to create such a vital urban housing development.”
Artspace Projects has 20 similar projects completed or under way around the United States, including Galveston, Texas; Jackson, Mich.; Portland, Ore.; Reno, Nev.; and Chicago.
Artspace was created to combat the displacement of artists and to create, foster and preserve affordable space for artists and arts organizations. Artspace is a large, nonprofit real estate developer for the arts.
“Cities like Seattle, Minneapolis and Chicago have seen how Artspace housing has energized downtown areas and stimulated private investment,” explained Fabrizi. “Sterling Market Lofts is a terrific project and it has already begun to attract private investment dollars to our city. An enormous amount of hard work went into this project and I would like to thank everyone, from Gov. Rowland on down, for all their help.”
‘Creating a Buzz’
The Sterling Market plan comprises the city block bounded by Main, John, Broad and Cannon streets, including the 150,000-square-foot former Read’s store. It will include 61 units of live/work lofts, an art gallery and community room, as well as 8,000 square feet of retail space and underground parking. Construction will be completed by the end of next year.
Financial partners in the $14 million dollar renovation project are Apollo Housing Capital, CHFA, DECD, Fleet Bank of Connecticut and Bridgeport-based People’s Bank. The project leverages private funds by using a combination of historic tax credits, low- and moderate-income housing tax credits, private donations and loans.
The Bridgeport Economic Development Corp., a 30-year-old nonprofit economic development corporation and an affiliate of the Bridgeport Regional Business Council, began planning the project in 1999 when the City Council designated it as the implementing agency of the Sterling Market Municipal Development Plan. At the same time, displaced artists from the Lock Building in Norwalk approached the city of Bridgeport to explore available property for an Artspace project.
The city gave BEDCO $2.5 million to purchase the Read’s building and other necessary properties. Additionally, the City Council approved the sale of the Read’s building to Artspace Projects in 2002 for $1.
BEDCO Chairman Michael Rosso said, “This is perhaps the most highly visible project of its kind and BEDCO’s volunteer board was pleased to play a lead role in making this initiative a reality.”
L. Kelley Lindquist, president of Artspace Projects, said the Sterling Market Lofts will help revitalize downtown Bridgeport.
“The research we did, before committing to this project, showed that Bridgeport is a highly desirable location for artists,” said Lindquist. “I think people know Bridgeport’s downtown is poised for great things and the influx of 61 artists and their families will be a big boost to spurring additional development. The Sterling Market Lofts in the old Read’s Department Store is creating a buzz in the arts world.”
Lindquist added, “We’re excited to be working here and thrilled to be helping the city of Bridgeport shape its own future.”
Artspace Projects chose a Washington, D.C.-based real estate development corporation, MissionFirst, to arrange financing, select an architect, supervise the planning and design, hire a property manager and select a construction company. MissionFirst Project Manager Sarah Constant said was pleased to announce recently the selection of Stamford-based AP Construction Co. as the general contractor.
“The selection of several key Bridgeport subcontractors will keep investment in the local community,” she added.
Fleet Bank of Connecticut, the agent bank, and People’s Bank are leading lenders in the project, and were early supporters of the initiative.
Chandler J. Howard, chairman and chief executive officer of Fleet Bank of Connecticut, said, “Fleet is committed to investing in the communities we serve and to helping revitalize the urban centers of our state. We are proud to provide financing that will transform the dream of rehabilitating the Read’s building into a reality.”
Fleet, along with People’s, will provide over $7 million in construction financing. Apollo Housing, CHFA and DECD all will provide permanent financing to the project.
John Klein, chairman, president, and chief executive officer of People’s Bank, who also serves as chairman of the Bridgeport Economic Development Advisory Council, said the project is key to the plans for Bridgeport’s renewal.
“Bridgeport’s strength is in its neighborhoods,” noted Klein. “The artists will create a new downtown neighborhood, with a new perspective and high energy. We are glad to play a vital role in this hometown project.”
“CHFA has financed over 28,000 units of affordable rental housing in Connecticut,” added Gary E. King, president and executive director of CHFA. “Sterling Market Lofts is a wonderful addition to that portfolio and we are excited to be a part of this creative urban housing initiative.”
