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Sales of Bridgeport lofts take off CONNECTICUT POST August 1, 2004 Section: Local/Regional News BILL CUMMINGS BRIDGEPORT -- Manhattan-style lofts under construction at the former Warnaco factory in the South End are already selling fast, and the developers hope the first occupants will move in by October. Garfield and Rebecca Spencer, a husband-and-wife team redeveloping the 100-plus year-old property, said 40 of the first 50 or so units have sold. In all, 120 units will be created within the sprawling Warnaco complex. "It's come a long way. I've been surprised tremendously. It was dubious if the interest would happen in Bridgeport. But it's been good and even better than we had hoped," Garfield Spencer said. Buyers are coming from across the region, the Spencers said. Those communities include Kent, Madison, Trumbull, Bridgeport, Westport, Westchester County, N.Y., and even Manhattan, the developers said. The units are selling for between $100,000 and $200,000 each, depending on how many bedrooms and the location within the complex. The largest units offer 1,600 square feet of space, while smaller units have just under 700 square feet. Each unit features exposed brick walls and the original hardwood floors from the factory. The ceilings are open, and walls around bedrooms and other rooms do not extend to the ceiling, giving the space a loft-like feel. Large windows dominate each wall. Outside the building, the Spencers plan to turn an inner courtyard into a parking lot, and a section of the former factory, near a large non-functioning smokestack, will become a community center. Condo owners will be offered a tax break previously negotiated with the city, Spencer said. Instead of using that break to offset construction costs, the incentive is being passed on to the condo owners. Under the deal, owners will pay $1 in property taxes for each square foot of space for the first eight years. That means a 1,600-square-foot unit would pay $1,600 in property taxes. The levy will rise in year nine, and the tax break expires in year 15. The Spencers, who own First National Development, surprised city officials with their first project, the successful transformation of a run-down apartment building on Golden Hill Street into new, market-rate apartments. The project marked the first new downtown housing in years. The Warnaco project, dubbed the Lofts on Lafayette, represents a $12 million private investment. The only public assistance is the tax abatement program. Another nearby project is set to begin soon, conversion of the former Jefferson School, located near the Warnaco factory. First National originally planned to undertake that project as well, but sold the rights to another developer, Bridges, Rich and Wheeler, of Cos Cob. The former Warnaco building has a long history in the city. The apparel manufacturing center was established in the early 1870s, but by 1996, the remaining factory outlet store had closed. For more information about the condos, call 333-LOFT. 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. |  |