Enviro Group Challenges Bridgewater HQ Plan

Apr 8 2014 | 9:06am ET

Ray Dalio's Bridgewater Associates may have hit another hurdle to its plans to build new headquarters in Stamford, Connecticut.

Soundkeeper, a nonprofit environmental group, has filed a complaint against the Connecticut Department of Economic and Community Development for failing to do an environmental impact evaluation before choosing to locate the headquarters on the site of what had been Stamford's only working boatyard.

The 14-acre site known as “Harbor Point” is now being cleared for construction of the 850,000 square foot office building and three-story parking garage.

Connecticut Gov. Dannel Malloy has approved about $115 million in loans and tax credits for the Bridgewater project, calling it a "home run” for Stamford, as Bridgewater will relocate 1,225 employees from Westport and has promised to create 1,000 more jobs over the next 10 years.

But according to the lawsuit filed last week in Hartford Superior Court by Soundkeeper, “The site is in a flood plain, is zoned for 'water-dependent uses,' and has been used as a boatyard or shipbuilding facility for more than a century.”

The lawsuit says the potential environmental problems could include water pollution, flooding, fauna, noise and traffic.


In Depth

Q&A: Portfolio Advisors' Brian Murphy On The Advantages of A Private Markets Platform

Jan 2 2018 | 11:05am ET

Most private markets firms reference their platforms as a source of competitive...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Steinbrugge: The Top Hedge Fund Industry Trends for 2018

Jan 2 2018 | 12:22pm ET

Each year, Don Steinbrugge’s Agecroft Partners compiles the insights gained...

 

FINalternatives Trending

From the current issue of