Bridgewater Associates, one of the world's leading hedge funds, intends to build a $750 million corporate headquarters on waterfront at Harbor Point development in Stamford, Conn, with plans to create up to 1,000 jobs within 10 years and retain its current workforce of 1,225 employees.
Bridgewater is currently based in Westport, Conn. where its 1,225 employees are spread among 5 office buildings. Construction on the company's planned 750,000 square foot facility is expected to be completed by 2017. Plans are to reforest the property to create a park-like campus and construct two energy efficient, sustainable buildings that will open towards the water. Public access will be created by way of an esplanade along the water.
"We are pleased that the State of Connecticut shares our vision of creating a state of the art and environmentally sustainable office campus, while also restoring this key piece of natural waterfront property in Stamford," said Greg Jensen, Co-CEO of Bridgewater Associates. "We look forward to transforming this industrial site into a spectacularly beautiful forested campus that will be seamlessly integrated into the natural surroundings. The proposed campus will house all of our employees and be designed to facilitate creativity, collaboration and help reinforce Bridgewater's distinct culture which has been so instrumental to our success."
Gov. Dannel Malloy's office said the project qualifies for a series of tax incentives as part of the state's Next Five economic development initiative, administered by the Department of Economic and Community Development.
The incentive package offered Bridgewater includes; a $25 million forgivable loan at a rate of 1 percent over ten years to be used for the construction of the new facility, along with a job training grant of up to $5 million.
In addition, the firm is eligible to receive a grant of up to $5 million for the installation of alternative energy systems and up to $80 million in Urban and Industrial Sites Reinvestment Tax Credits.
"The intent of the Next Five program is to attract large-scale projects to our state, and this project clearly demonstrates how powerful, and effective, this program can be," said Catherine Smith, commissioner of Department of Economic and Community Develoment.
"For a long time, our state failed to compete for the kinds of good paying jobs with good
benefits that will grow and sustain our economy," said Gov. Dannel Malloy. "Thanks to the `Next Five' program, we are clearly charting a new course. The jobs we are announcing today have the potential to grow our economy in a profound way because the spin-off effect of these positions will drive growth in other sectors. To have a company of Bridgewater's stature make the business decision to invest $750 million in our state and significantly increase its workforce is not only an extraordinary economic `win,' but signals to the rest of the world that Connecticut is strengthening its leadership position in the very competitive financial services sector."