Plans are moving forward on the new $750 million Bridgewater Associates headquarters within Stamford”™s Harbor Point development project.
The initiative is primarily a tool for economic growth, but it”™s also another opportunity to develop the waterfront, developers at Building and Land Technology say.
“We”™ve tried to make this a win-win for Stamford and I think we”™ve done it,” said John Freeman, general counsel and spokesman for BLT. “We”™re really excited to present our plans, allow people to see it, review it and continue to work on it.”
BLT officials are in the process of seeking approval from city planning, zoning and finance boards. Construction could begin as soon as the fall with a move-in date of 2016.
The 850,000-square-foot building is slated to stand five stories tall and includes a public walkway around the waterfront, which is currently closed to the public.
The 14-acre site is currently the site of a working boatyard, which BLT plans to replace with a new marina.
In an agreement with the city, the developer has agreed to spend an additional $5 million on public improvements, which includes the marina, the restoration of the East Creek estuary and upgrades at Kosciusko Park. The estuary”™s historic, tidal salt marsh will be restored and BLT plans to build a fishing platform and kayak launch sites in the park.
By the end of construction at Harbor Point, the city will have access to 10 miles of waterfront walkway, which Freeman said no other city in New England city would be able to duplicate.
“It”™s a huge challenge, with all the industrial uses and private ownership of waterfront property,” he said. “Having the opportunity is difficult. But I think we”™re very fortunate that the stars have aligned and that we have a state, city, community and developer that share the vision to make it happen.”
A mature forest will be planted on the north end of the building”™s slanted rooftop and a fuel cell plant with solar panels will be installed along the southern half. The collection of solar panels is expected to be one of the largest in the state.
The city of Stamford estimates it will gain an additional $6.5 million in property taxes with the new headquarters, which is the equivalent of 91 teachers”™ salaries. Additionally the city will receive $9.75 million in one-time construction fees.
Gov. Dannel P. Malloy first announced Bridgewater would be moving its headquarters to Stamford from Westport in December as a part of his First Five economic development initiative. In exchange for staying in the state and creating an additional 1,000 jobs, the company will receive $115 million in tax incentives.
The deal has come under scrutiny however as the public has criticized the governor for putting too much emphasis on large firms, as opposed to providing additional support for small businesses.
Malloy”™s spokesman Andrew Doba, however, contends the governor”™s record shows he is doing both and that 90 percent of the his economic development strategy has focused on small businesses.
“The fact is that we”™re doing both,” Doba said. “What you have here is a pretty substantial return on investment, in turns of the public-to-private dollars. Over the long time this deal will unquestionably pay for itself.”
Westport First Selectman Gordon Joseloff said the company plans to keep several employees at its Westport trading floor to soften the blow when it leaves. However, Joseloff said he doesn”™t believe it will be too difficult to find a new tenant for Bridgewater”™s primary building in Westport by the time the company leaves.
“We”™ll have plenty of time to figure it out,” Joseloff said. “Westport is still a very attractive place to do business.”
The city of Stamford estimates having Bridgewater move to Stamford will generate an additional 12,400 secondary jobs from new restaurants, retail and service firms catering to the hedge fund and its employees. But Joseloff said he doesn”™t expect to see many secondary jobs leave Westport after the move.
Bridgewater has many in-house services in its building and a cafeteria, meaning a number of employees likely never set foot out of the office, Joseloff said.
“People don”™t take leisurely lunches,” Joseloff said. “It”™s hard to measure how many stay in Westport.”
But with thousands of people moving to Harbor Point to work and live, Freeman said the area will likely thrive. Looking out the window of BLT”™s office within Harbor Point, Freeman pointed at the grass fields and residential buildings, saying it used to be an industrial plant for Pitney Bowes.
“When we started this project out here ”¦ I knew it was going to be something really cool,” Freeman said. “But did I think I”™d look out there and see those kids playing soccer in that field? Not exactly. But when you see it, that”™s what makes it all worthwhile. I think we”™re going to walk outside by that waterfront and know we created something special ”” like world-renowned special.”
The assertions made by Freeman and BLT and bought by Gov. Malloy are a lose lose for Stamford. Create 12,000 secondary jobs….that would cause anyone with a brain to die laughing….it is a made up number. This is a similar scenario sold to residents on UBS and RBS both of which have not made their commitments on employees and other things yet get huge tax benefits. Stamford gets the great benefit of losing one of the prime waterfront locations to a hedgefund who’s employment will swing wildly (go check how many hedge funds have gone bust in past 6 years…call SAC for first hand info) and will generate zero jobs. they will have Westport people commute here and then will get more people commuting from NYC who would not commute to Westport. So benefit to the resident tax base? ZERO.. This project is a joke that shows little caring or foresight to the future of Stamford and is more of an Ego trip for our illustrious Governor and current Mayor.
You are so right! There are plenty of us fighting this, let’s see how well democracy works.
What a joke! 1,000 additional employees (and it won’t be that high) will create 12,000 secondary jobs? How?
The jobs I do see being created are lots of cafeteria and janitorial jobs in their new building. Unless of course the building in Westport stays vacant (a real possibility), meaning no net new cafeteria and janitorial jobs.