Bridgewater’s move to Stamford “only a 20 percent probability”

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In what would represent a blow to one of Gov. Dannel Malloy’s highly touted economic development initiatives, the Westport News has reported an attorney for Bridgewater Associates as saying that the hedge fund giant will likely not move to Stamford. According to the story that appeared on the publication’s website this week, Larry Weisman last week told Westport’s Planning and Zoning Commission, “There’s only a 20 percent probability of a move to Stamford” at this time.

The story also says that regardless of a move, Bridgewater plans to maintain an office at its current location in Glendinning Place.

The statement is the first public confirmation to date that Bridgewater has backtracked on its plans to build a $750 million headquarters on Stamford’s waterfront in the South End. It confirms growing doubts by city officials in Stamford about the deal, which had been negotiated by Gov. Malloy as part of his “Next Five” program. The state has promised to give Bridgewater as much as $115 million in return for building a new headquarters in Stamford and expanding by as many as 1,000 employees within the next 10 years.

As of last week, Stamford officials said they were waiting to hear back from the hedge fund after asking company officials about its commitment to coming to the city.

 

Elizabeth Kim

4 Responses

  1. Frank Serpico says:

    No loss to Stamford here. Just another high profile tenant that likely would have held the city over a barrel when their tax incentives ran out. Why give away the farm in tax incentives for a company to move from one CT town to another only 10 minutes down the road? Stamford has become a traffic congested mess and should really start putting some thought into updating our infrastructure with a little foresight before trying to lure more large companies here. The South End would go right back to the rush hour nightmare as it was when Pitney Bowes was king down there, only worse now with the new densely populated buildings popping up all over. Bridgewater should stay right where they are in Westport.

  2. Veritas says:

    So, Stamford has an 80% chance Bridgewater won’t come. I like the odds.
    Company character is revealed in conduct. What we have seen merits only an ‘unwelcome’ mat…Good riddance…

  3. James says:

    Way to go Stamford. The city caved into the demands of a bunch of old people with dingy boats instead of thinking of the next generation of City residents. 1,000 jobs, a billion dollar construction project, a new animal shelter, a new boatyard, and a revived South End is not as important as pleasing old people that never brought any economic, social, or civil development to this blighted area in their lifetimes. Don’t forget that the development would have generated around $10 million just in permit fees ($12 fee for every $1,000 of construction cost). RBS ain’t hot at the moment, UBS wants to get back in NYC, so lets just chase away the largest hedge fund. I’m a young property owner in the South End that fixed up a beated old house. All of my long time resident neighbors are very happy that I fixed the old house on the block. They are also looking forward to continual development that BLT brought. They could care less about some North Stamford resident and their crappy 1982 Chris Craft boat.

  4. Patrick says:

    Thank God!! Who needs another zero tax paying office building in Stamford!!!