Developer for downtown Bridgeport theaters short on cash

The city has confirmed that Exact Capital, the Manhattan developer chosen last year to renovate and reopen the Majestic and Poli Palace theaters downtown, the neighboring Savoy Hotel, and to also build brand new residential towers, did not meet Thursday’s deadline for obtaining financing. Thomas Gill, Mayor Joe Ganim’s economic development chief, said the 2017 City Council-approved deal with Exact will now be extended in 30-day increments. Gill said the extensions do not require an additional council vote, but that he would update council members on the project.

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