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Couple has high hopes for Bridgeport CONNECTICUT POST BILL CUMMINGS BRIDGEPORT -- The husband-and-wife team transforming the former Warnaco plant into condos has a new plan to bring ore trendy housing to the city. Garfield and Rebecca Spencer, owners of First National, are in the early stages of efforts to renovate a vacant West End factory off Cherry Street into 150 townhouse-style lofts, similar to those popular in upscale neighborhoods like TriBeCa in New York City. The targeted structure was once known as the Cricket Hosiery building, a reference to the corsets made there. It's surrounded by vacant factories and a smattering of manufacturing concerns. The Spencers said they recently purchased the 170,000-square-foot structure, and want to convert the building into 150 townhouses, which would sell in the $200,000 range. The project is estimated to cost between $15 million and $20 million. "Without a doubt, there is nothing like this in the region. It's double the price in Norwalk." The main hurdle to the project, Spencer said, is parking. He said he has been talking to the city about erecting a parking garage at or near the site. It's unclear who would pay for the garage, although First National most likely would expect city help. Spencer said he would primarily use private financing to build the housing. To facilitate the project, a tax abatement would probably be sought from the city. First National recently was granted a tax abatement for a similar project at the former Warnaco building off Lafayette Boulevard. The city agreed to lower taxes to $1 for each square-foot of space for up to 10 years. The fist phase of Warnaco project is well under way, and units are expected to be occupied by October. (c) 2002 The Connecticut Post. All rights reserved. |
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© 2006 First National Development. All Rights Reserved. |  |