BRIDGEPORT, Conn. — To say Exact Capital Group’s plans for downtown Bridgeport are ambitious is a bit of an understatement.
In addition to the much-anticipated renovations to the historic Majestic and Poli Palace theaters and Savoy Hotel, the Manhattan-based developers aim to create “a 24-hour community” of housing, shops and more along the downtown north corridor.
Mayor Joe Ganim announce this week that that the city had selected the firm to take on the yeoman’s job and Managing Partner Craig Livingston said it’s up to the task.
“Exact Capital is thrilled to be awarded the designation for development of the Majestic and Poli theaters and the surrounding parcels in downtown Bridgeport,” Livingston said. “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.”
According to the plans, Exact Capital will renovate and reopen the 2,200-seat Majestic Theater and rehabilitate three first-floor retail spaces that would complement the re-opened Savoy Hotel.
The firm will renovate the former Poli Palace entry to original historic condition as a portal to the hotel. A portion of that former theater will be used to create a gym or “healthy lifestyle venue,” according to a city statement.
A portion of the Poli will become a ballroom for hosting banquets, weddings, graduations and more.
Across the street, the firm plans a new residential tower featuring studios to three-bedroom apartments with private terraces.
The first phase is scheduled for summer 2018.