Once a defining part of the Bridgeport skyline, and still a landmark to drivers passing through its shadow along route 8, a former AT&T building in the downtown area is slated for major renovations as part of an effort to develop the city’s core.
“This is no simple project,” said Bill Coleman, Deputy Director of Bridgeport’s Office of Planning and Economic Development during a press conference outside of 430 John Street to unveil plans for the site. He praised Kiumarz Guela, the Principal of Pillar Property, adding that Guela “is a very accomplished developer, and he’s put together a complicated stack of capital to make this happen, including DECD (spell out the name- for people like me – , Brownfields Monies, Federal Historic Tax Credits, State Historic Tax Credits, Low Income Housing Tax Credits, Home Dollars administered in our Housing and Community development division as well as bank financing and significant private equity
“You often hear the cliché about cities wanting to be sure that developers have skin in the game,” Coleman added. “Well, Kiumarz has not only skin, but muscle and bone marrow, head and heart and about 30 percent equity invested as a committed developer.”
“Now,” continued Coleman noting that Mayor Joe Ganim had set a goal of adding 5000 affordable housing units to the city’s stock by decade’s end, “Kiumarz has his sights on 500 units which would be one tenth of our goal.”
“It’s a pleasure to be involved in this kind of project where we are able to establish market rate and affordable housing in one compound,” said Guela. “The rejuvenation of the former AT&T building is going to consist of 77 units that we are introducing as 10 affordable and 67 market rate units. In addition, we are introducing another building which is going to be at Fairfield Avenue with 60 affordable units which we are working on with state agencies as well as city agencies to complete our financing structure. These two projects are scheduled to commence in Q2 and Q3 of this year.”
The two buildings will have a combined 137 units, with 50% deed-restricted as affordable housing. The adjacent parcel’s new construction will be known as the Fairfield Residences and have a street address of 455 Fairfield Avenue.
The John Street building which will be mixed use with a combination of artists’ gallery and event space is expected to begin soon. The AT&T building will receive a gut renovation, with an eye towards preserving its midcentury charm while upgrading the roof with green space and a restaurant.
Mayor Ganim also expressed appreciation for Guela’s work in further developing the city and noted that he was glad the façade of the building was going to be preserved as he is a fan of the style.
Ganim stressed that projects along the lines of the 430 John Street development were necessary for not only the city of Bridgeport but the entire state in light of the ongoing housing crisis.
The development is projected to finish construction after 18 months, sometime in early 2026.
