Saturday, 27 August 2016
Last updated 3 hours ago
Jun 30 2014 | 6:30am ET
The world’s largest hedge fund has abandoned plans to build a new $750 million headquarters in Stamford, Conn.
Conn. Gov. Dannel Malloy announced the agreement with Bridgewater with great fanfare two years ago. But the proposed 750,000-square foot, 14-acre waterfront campus ran into immediate opposition, both over the more than $100 million in state aid offered the $150 billion firm, and over the site chosen, a former boat yard on the Long Island Sound.
Earlier this year, Bridgewater told the town of Westport, where it is currently based, that a move was unlikely. On Friday, they announced it would definitely not be happening.
“After careful examination and reflection surrounding the challenges, time, energy and resources needed to bring the proposed Stamford project to completion, we have decided not to proceed with the move,” Bridgewater, which was set to occupy the new campus in 2017, said. The hedge fund thanked Gov. Malloy for his help, but said it was “now exploring our other options.”
It is unclear what those options are, although Bridgewater has won approval to expand its 47,000-square-foot campus in Westport. During a March hearing, Bridgewater told Westport that it was likely to keep its corporate headquarters in the town, about 15 miles east of Stamford.
“We’re thrilled to retain Bridgewater as a member of our business community,” Westport First Selectman Jim Marpe told the Stamford Advocate. “They’re good citizens.”
Bridgewater also occupies space in neighboring Wilton.