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This story was updated at 2:15 p.m.
STAMFORD, Conn. Bridgewater Associates announced Wednesday it would bring 750 to 1,000 high-level jobs to Stamford's South End in the next 10 years.
The Westport-based company said it would retain its current 1,225 jobs. The investment management company plans to build a $750 million campus by 2017 at the Brewers Yacht Haven Boat Yard as part of the Harbor Point Development.
The boat yard closed in November for remediation work, which has been a contested issue among Building and Land Technology, local boaters and the city. John Freeman, vice president of Building and Land Technology, said a boat yard will be opened at 205 Magee Ave., which will offer an emergency lift, boat maintenance and other services.
The Bridgewater building will be subject to city approval. Gov. Dannel Malloy said Bridgewater's move is a huge opportunity for the city.
Stamford has some big decisions to make, he said, adding that the state will not pressure the city and has kept Mayor Michael Pavia involved in the potential move.
If approved, the company plans to reforest the land for a park-like campus with two energy efficient, sustainable buildings that will open toward the water, said George Jensen, co-chief executive officer for Bridgewater. He added that the company wanted to remain close to Westport.
Bridgewaters expansion is part of the states Next Five program to help add jobs to the state, and it becomes the third company to participate in the program. According to a statement from Malloy, the assistance from Connecticut includes:
- A $25 million forgivable loan with a 1 percent rate for 10 years for construction.
- A job training grant up to $5 million.
- A grant up to $5 million for the installation of alternative energy systems.
- Up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.
Connecticut is a great place to do business, and we are excited about this partnership with the state, which will allow us to expand and grow our business, Jensen said in a statement.
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