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Warnaco developer asks for tax break CONNECTICUT POST BILL CUMMINGS BRIDGEPORT -- A developer planning an $8 million conversion of the former Warnaco factory building into loft-style housing wants the city to freeze real estate taxes on the property for eight years. Under the proposal, Lancaster Gate LLC, which acquired the former factory at 325 Lafayette St., would pay $114,000 in real estate taxes over the next eight years, based on the city's current tax rate. The City Council's Economic Development Committee recently approved the proposed tax break, and the matter is now heading to the full council. "We believe it's a good request," said council President John Fabrizi, a member of the development panel. "This can become a revitalization in that area. The building has been vacant for the last 15 years," Fabrizi said. "This is the type of project Bridgeport needs," he added. Initially, Lancaster Gate requested a 10-year tax break, but Fabrizi said the company's owner, Garfield Spencer, has agreed to an eight-year period. Tenants would still pay motor vehicle taxes to the city at the going tax rate. Spencer owns First National Development, which renovated the dilapidated Golden Hill apartments into a thriving rental complex. The unites are marketed to professionals who commute to jobs along the "Gold Coast" by offering lower rents than those available in other parts of Fairfield County. Spencer, who could not be reached for comment on the tax break, plans to carve 120 loft-style apartments out of the Warnaco property. Again, he plans to target professionals who commute to New York City or southwestern Connecticut. Spencer also has plans to convert the former Jefferson School off Myrtle Avenue into similar housing. Fabrizi said some of the Warnaco units would be rented according to state-sanctioned affordable guidelines. (c) 2002 The Connecticut Post. All rights reserved. |
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© 2006 First National Development. All Rights Reserved. |  |