On Monday, Bridgeport Mayor Joe Ganim announced that a New York developer had committed $400 million to develop properties in downtown Bridgeport, including two abandoned theaters.
Ganim says the Exact Capital Group will begin by restoring the Majestic and the Poli Palace, which have been closed for more than two decades.
“They were originally built in the early 1900s and they represent not only Bridgeport’s great history but now create an opportunity for our downtown’s continued revitalization and rebirth.”
According to the Exact Capital Group, the Majestic is set to become a center for local arts groups and the Palace a recreation center.
The developers will also renovate the city’s abandoned Savoy Hotel and build two new 18-story residential buildings with retail space. Another 10-story building will be developed on the site of the former Dolan’s Bar and Grill, on Housatonic Avenue.
The mayor says they expect to hold a groundbreaking ceremony early next year.
