The city of Bridgeport has hired Exact Capital Group LLC, a New York City-based real estate development firm, as the developer for the Majestic and Poli Theater mixed-use project.
Located at 1325 Main St. in Bridgeport”™s North End, the 13-acre complex opened in 1922 with the Loew’s Poli Theater ”“ later renamed Loew”™s Palace Theater ”“ a 3,600-seat venue that presented live stage shows, and the Majestic Theater, a 2,200-seat cinema. The theaters closed in the mid-1970s and the complex, which was also once home to the 109-room Savoy Hotel, was added to the National Register of Historic Places in 1979.
Under the developer”™s proposal, the Majestic Theater will be renovated and reopen with 2,200 seats for use by area performing arts groups chosen by the city of Bridgeport. The Savoy Hotel will be renovated to meet contemporary hotel standards while the former Poli entrance will be restored to its original historic condition and serve as an entrance to the renovated Savoy.
The Poli Theater space will be redesigned to serve as a gym and a ballroom or entertainment venue for banquets, weddings, graduations and conferences. The redevelopment will include a residential tower with rentalunits ranging from studios to three-bedroom apartments with private terraces.
The project will be the first Connecticut-based endeavor for Exact Capital Group, which has focused on New York City projects. The company”™s proposal for the long-shuttered complex is budgeted at approximately $350 million and will require the Bridgeport City Council”™s approval.
