Bridgeport, Connecticut

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APARTMENTS ON MAIN STREET A&F Builders has been selected to create apartments in the former Arcade Hotel and in the 11-story Citytrust tower and three adjoining buildings.

October 24, 2004

IN THE REGION

New Homes in Old Bridgeport Buildings

By LISA PREVOST

THE empty factories and bank buildings that pock Bridgeport's downtown area are regaining their dignity in a series of conversion projects expected to yield an estimated 350 housing units over the next year or so. Two loft-style projects scheduled to open next month are filling rapidly, an indicator, city officials say, that the downtown area is well positioned to benefit from the pent-up demand for affordable housing in Fairfield County.

"We want to capitalize on this ability to leverage private money," said William Finch, president of the Bridgeport Economic Development Corporation and a state senator. "There's only so much government money you can get." Adding housing when city residents are saddled with a heavy property tax burden may seem counterintuitive, but Mr. Finch said loft-style housing in a busy urban setting is unlikely to attract many families with school-age children.

The first two projects are precursors of a long-term plan to transform the historic district along Main Street from an abandoned banking center into an arty residential neighborhood just a few blocks from the train station. The first piece of that plan is the renovation by A&F Builders of New York of the 11-story Citytrust tower and three adjoining buildings into 118 apartments. The design incorporates the original bank vaults, marble floors and other period details into 20,000 square feet of ground-floor retail space, including a 5,670-square-foot food court.

The retail component, which will focus on attracting restaurants, is crucial to ensuring the vibrancy of the downtown streetscape, said Nnenna Lynch, a project manager for A&F. While a local playhouse and a few restaurants are scattered around the small central green adjacent to the Citytrust building, for the most part the area is still a "vacant canvas," Ms. Lynch said.

A&F is also the selected developer for the restoration and conversion of the city-owned Arcade building, a former hotel and retail hall a block away. That project includes 23 apartments and a roof terrace.

Bridgeport's compact downtown area, attractive historic structures and readily accessible train and ferry service make these projects a "no-brainer," Ms. Lynch said. More than half the Citytrust apartments will be one-bedroom units, she said, because "we mainly see this as a market for young professionals who are starting out, maybe have a job in Stamford but can't pay Stamford prices."

The company is using a combination of new market tax credits, historic tax credits and bank loans to finance the projects, which together will cost $35 million. Public funds, including $2.2 million in state grants, account for less than 7 percent of overall financing. Demolition is likely to begin early next year, according to Ms. Lynch.

Mr. Finch points to the nearly finished Sterling Market Lofts project as the "economic engine" driving future downtown residential development. Situated in the former Read's department store at John and Broad Streets, the $14 million project consists of 61 one-, two- and three-bedroom apartments available exclusively to artists. The developer, Artspace Projects of Minneapolis, guarantees that the building will remain artists' living and work space for 80 years, ensuring a lasting arts community, Mr. Finch said.

Rents start at $294 for an 1,100-square-foot one-bedroom unit; the highest priced unit, a 1,600-square-foot three-bedroom, rents for $995. Artspace screens applicants for artistic commitment and income eligibility, which varies by unit. The highest qualifying income level is 60 percent of median area income, or for Bridgeport roughly $31,560 a year for one person. Artspace taps a variety of tax credits and philanthropic dollars to maintain the attractive rents.

As of last week, 55 artists had been approved to move in when the building opens in late November. Ninety percent of the approved tenants are from Bridgeport or the surrounding area, according to Shawn Silver, asset manager for Artspace. "I've just finished all the interviews of applicants, and I can tell you there is definite excitement among the artists about where they're going and what they're participating in," Mr. Silver said. "I'd like to do another project in Bridgeport