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.