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From Eyesore to Eye Candy?
Bridgeport eyes former Read's building as artists housing
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Business New Haven
3/6/2000
By: Michael C. Bingham
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Everybody, it seems, is doin' it.
Hartford's doin' it. New Haven wants to start doin' in on Crown Street, between Orange and State. Providence, R.I. has been doin' it for some time, with quite satisfying results.
Now Bridgeport.
The Park City is the latest Connecticut burg to place at least some of its downtown-revitalization eggs in the artists-housing basket. To that end, the Bridgeport Economic Development Corp. (BEDCO) has secured funding to explore redevelopment of the long-abandoned Read's department store as a potential site for housing and studio space for artists.
“We've raised $50,000 for the second phase of a three-phase planning process,” explains BEDCO President Bill Finch. “This critical phase will study the feasibility of artists housing in downtown Bridgeport. If it is feasible, we could be putting a lot of life into downtown.”
The study will be conducted by Artspace Projects Inc. of Minneapolis, which BEDCO officials describe as the nation's leading non-profit developer of artists housing and studio space.
Artspace Projects' Bill Krause says “We are looking seriously at the Read's building because of its high ceilings, lots of windows and proximity to transportation. We estimate the renovations will cost about $10 million, most of which can be raised privately.”
Sponsors to date of the second phase include the city of Bridgeport, the Greater Bridgeport Area Foundation, the Downtown Special Services District, the United Illuminating Co. (UI), BEDCO and Chase Manhattan Bank.
Says UI's Bob Mills, who chairs the BEDCO board of directors: Artists housing is a wonderful opportunity for Bridgeport. It will clean up a derelict building, put people on the street and pay taxes. What could be better?”
A downtown landmark and one-time mecca for shopper from throughout the region, the Read's building has been empty since 1981. The city is owed $811,475.60 in delinquent taxes on the property, including $270,747.97 that has accrued since the last sale of tax liens.
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