The City of Bridgeport has been honored for the second year in a row with a prestigious national community development award for its innovative use of HOME Investment Partnership Program funds in its work with local developer Philip Kuchma on the mixed-use building at 323 Fairfield Avenue, part of the Bijou Square development.
The City was one of 14 recipients of the Gabe Zimmerman Award for Public Service during the National Community Development Association’s Annual Meeting held in Washington, D.C., this week. Mayor Bill Finch and Deputy Chief Administrative Officer Alanna Kabel were on hand to receive the award at the luncheon held Friday. The award, formerly called the Audrey Nelson Community Development Achievement Award, is given each year as part of a national competition to identify and recognize exemplary uses of Community Development Block Grant funds which best address the needs of low-income families and neighborhoods.
“We were extremely proud to nominate Phil’s 323 Fairfield Avenue project for this award,” said Finch. “The Kuchma family has been a part of downtown development for decades, and the work he’s done on this part of the Bijou Square project is nothing short of miraculous considering the economic climate.”
The 323 Fairfield Avenue mixed-use building is the first new construction in downtown Bridgeport in nearly 20 years. Kuchma had begun work on the building in late 2007, just as the nation slipped into the worst economic downturn since the Great Depression. The building stood empty for more than a year as Kuchma struggled to put together financing to complete the construction.
“Phil never lost sight of what he wanted to do, and we wouldn’t allow the project to flounder,” said Finch.
“I’ve spent nearly forty years developing properties in the City of Bridgeport,” said Kuchma, “and I’m extremely appreciative of the assistance I’ve received from the City and other entities to enable this project to move forward to completion. Downtown Bridgeport is an interesting place to live, work, and enjoy restaurants and entertainment, and is improving every month. We plan to continue to grow our investments here and definitely see a bright future.”
The City’s Central Grants and Community Development and Planning and Economic Development departments worked closely with Kuchma to help find ways to put a financing package together. Finally, in late winter 2010, a combination of GE Capital/CHFA, Housing Development Fund and the City’s HOME funds helped put the project back on track.
Today, the mixed-use development at the corner of Fairfield Avenue and Lafayette Boulevard includes a wine shop and a gift boutique, a unisex hair salon is to open soon, and two other leases have been agreed upon. Only two retail spaces remain. Forty percent of the 84 one and two-bedroom units, 11 of which are targeted as affordable rate housing, are rented due to the high demand for market-rate housing, and he expects the rest of the units to be occupied by early spring. Of the 11 affordable rate units, 10 have been leased to date.
Originally posted by the Bridgeport Banner, ELAINE K. FICARRA: http://bridgeportbanner.typepad.com/bridgeport/2011/01/phil-kuchma-receives-honor.html
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