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Loft-y renovation $4m plan would turn decrepit Bridgeport factory into housing complex CONNECTICUT POST January 27, 2002 Section: Local BILL CUMMINGS BRIDGEPORT -- A former Warnaco factory in the South End -- a decaying relic of the city's past manufacturing prowess -- could be reborn as a complex of loft-style housing. First National Development of Bridgeport is poised to begin a $4 million renovation of the former factory at 325 Lafayette Boulevard. The plan calls for creating 120 lofts for professionals and young couples. "These are Manhattan-style lofts," said Garfield Spencer, an owner of First National Development. "They will have exposed brick walls, flooring and rafters and loft bedrooms. It's a little bit of SoHo in Bridgeport," Spencer said, referring to the trendy New York City neighborhood. The Warnaco building is located on the west side of Lafayette Boulevard, if traveling south toward Seaside Park. A smaller Warnaco office building across the street is not part of the housing project. Warnaco, a former Fortune 500 company, established an apparel manufacturing center in Bridgeport in the early 1870s. By 1996, the remaining factory outlet store closed. The company later declared bankruptcy and is now reorganizing. First National also plans to create 31 lofts at the former Jefferson School on Myrtle Avenue, also in the South End. The development firm is nearly finished building 49 units of housing off Olive Street for the elderly who qualify for section 8 funding. First National is not seeking city or state money to build either loft project. Spencer said he's wrapping up financing through Chase Bank. He said the lofts would provide housing for professionals at rents below the going rate in most of southern Fairfield County. "When you look around where Bridgeport is located, rents are through the roof," Spencer said. First National's plan dovetails with a subtle shift in direction lately by city officials regarding downtown redevelopment. Housing, once considered a laughable idea, is increasingly being talked about for a variety of the city's old, run-down buildings. That new interest is partly the result of success First National had in converting the dilapidated Golden Hill apartment building on Golden Hill Street into 50 modern units. The moderately priced apartments, ranging from $800 for a one bedroom unit to nearly $1,000 for a two bedroom, attracted professionals from more expensive communities such as Stamford and Norwalk, where rents often start at $1,200 a month or more. The renovated apartment complex has been full since it opened over a year ago. Conversion of the former Read's department store at Broad and John streets into 63 units of artist housing is set to begin this spring. The project is being run by Artspace, a Minneapolis developer that coverts old buildings into housing and work space for artists. And a feasibility study is about to get under way to determine if it makes sense to develop more housing for artists in old buildings acquired by the city in northern downtown. The Bridgeport Regional Business Council received a state grant to conduct the study. "Bridgeport, clearly by location, is the next best thing. We have already shown that people will move into downtown," Spencer said. The First National plan for the Warnaco building, however, is not the first attempt to create housing there. In 1987, a developer proposed building 220 condo units at the former factory, but the $20 million plan, which involved building towers on top of the former factory building, never got off the ground. State Sen. William Finch, D-Bridgeport, said 200 new units in the South End, within a mile or so of downtown, should generate more customers for many local businesses. "All of a sudden there will be people with well-paying jobs living in the downtown area. It will have a great impact," Finch said. "When [First National] did the Golden Hill apartments, everyone said no one would rent it," Finch said. "Now there are young people living there who are going to Murphy's Law [a nearby downtown restaurant/bar] for dinner," Finch said. Spencer said construction of the Warnaco lofts would take up to 18 months. The project will begin later this year, he predicted. One-bedroom apartments will offer 800 square-feet of space, while two-bedroom apartments feature up to 1,300 square-feet of space. Rents should range between $900 and $1,000, he said. The Jefferson School project could be completed within eight months, and the units and rents will be comparable to those at the Warnaco site, he said. Bill Cummings, who covers regional issues, can be reached at 330-6230. (c) 2002 The Connecticut Post. All rights reserved. |
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© 2006 First National Development. All Rights Reserved. |  |