The agreement is the first step in the “transformation of downtown Bridgeport,” said Exact Capital Managing Partner Craig Livingston.
“And we’re going to make it a great downtown Bridgeport,” he said.
Announced earlier this year, the ambitious proposal would preserve the historic Main Street theaters, as well as the former Savoy Hotel.
Exact will also add new market rate and mixed-income affordable housing units, retail spaces, parking, a community facility and visual and physical connection between the landmarks and the waterfront along the nearby Pequonnock River.
“It’s quite an exciting thing on a number of fronts,” Ganim said.
The first phase of the project is expected to begin in summer 2018.
According to the plans, the Majestic Theater will be renovated and reopen with 2,200 seats for use by local and regional performing arts groups.
Exact will rehabilitate three first-floor retail spaces for goods and services complementary to the renovated Savoy Hotel. The Savoy Hotel will be rehabilitated to modern hotel standards.
The entrance to the former Poli Palace will be renovated and restored to its original historic condition that will serve as an entrance to the renovated Savoy Hotel. A portion of the Poli Palace will be used as a gym or healthy lifestyle venue, while another portion will be used as a ballroom or entertainment venue for hosting banquets, weddings, graduations, galas and conferences.
In addition, the project will include the construction of a new residential tower ranging from studios to three-bedroom apartments with private terraces across Main Street.
Click here to follow Daily Voice Bridgeport and receive free news updates.