BRIDGEPORT, Conn. — Bridgeport residents can look forward to entertainment and retail spaces as well as affordable housing units in the northern section of downtown now that a developer has been selected to renovate and restore the Majestic Theater, the Poli Palace Theater and the Savoy Hotel.
Exact Capital Group LLC has been selected to complete the renovation project, Mayor Joe Ganim announced Monday. The first phase of the project is expected to begin in summer 2018.
Exact Capital plans to create a development to revitalize and add mass to the downtown north development corridor that will compliment and enhance other developments in the area. It will preserve and incorporate into the project the historic Poli Palace Theater and Majestic Theater, as well as the former Savoy Hotel. At the same time, Exact will add new market rate and mixed income affordable housing units, retail spaces, parking features, a community facility, and a visual and physical connection between the landmark theaters and the waterfront along the Pequannock River.
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.
“Exact Capital is thrilled to be awarded the designation for development of the Majestic and Poli Theaters and the surrounding parcels in downtown Bridgeport,” said Exact Capital Group Managing Partner Craig Livingston. “Under the leadership of Mayor Ganim, this city has already seen an impressive wave of transformation and revitalization. The development of the downtown corridor will continue to accelerate the city’s revitalization and restore Bridgeport’s prominence as an important economic hub in the state of Connecticut.”