Thursday, 29 September 2016
Last updated 11 hours ago
Jun 17 2013 | 12:56pm ET
Bridgewater Associates' move to Stamford, Conn., is suddenly looking like anything but a sure thing.
The world's largest hedge fund announced with great fanfare last year that it would move from its current Westport, Conn., campus to a new, state-of-the-art headquarters on the Stamford waterfront. Backed by Connecticut's governor and more than $100 million in tax credits and other benefits, Bridgewater and its developer revealed plans for the 14-acre campus on the site of a public boatyard, which Bridgewater was to move into in 2017.
But the urgency surrounding the project has stalled since March, when Stamford Mayor Michael Pavia announced a deal to move the boatyard to allow the Bridgewater deal to go through. It took three weeks for developer Building and Land Technologies to sign a basic letter of intent for the project, the Stamford Advocate reports, and no progress has been made on a license agreement to use city property for the new boatyard.
The slowdown has called into question whether the project will ever get off the ground. Adding to the uncertainty are the November elections, which will see Stamford residents pick a new mayor—and only one of the many candidates has spoken out on the Bridgewater deal, to oppose the necessary license for the new boatyard.