Bridgewater’s Glendinning Goes Green

Bridgewater Associates is the world’s biggest hedge fund. It’s also one of Westport’s leading taxpayers.

But the firm keeps a very low profile. If not for the big buses zipping employees between their Glendinning headquarters complex on Weston Road and a 2nd office at Nyala Farms near I-95 Exit 18, no one would know they’re here.

However, a small blurb in this week’s Wall Street Journal raised concerns with an “06880” reader. The paper said that — after its plan to move to Stamford fell through — Bridgewater wants to renovate its Glendinning offices, and create an underground parking garage.

The project “could require the involvement of the Army Corps of Engineers,” the WSJ noted.

Bridgewater headquarters

An aerial view of Bridgewater’s Glendinning headquarters. Note the parking spaces on both sides of the river.

“Scope of project sounds mind-blowing,” said the email I received. “How come nothing online?”

It’s not as massive as it sounds. In fact, Bridgewater — whose corporate culture has been called “cultish,” “bizarre” and “not for everyone” — has for nearly 20 years been a careful steward of the wooded, riverfront Glendinning property (and an excellent tenant in the hidden-away Nyala Farms complex too).

“This is a unique setting: a beautiful, bio-diverse area,” a company representative told Westport’s Planning & Zoning Commission at a pre-application hearing earlier this month.

Bridgewater hopes to increase the functionality of its “somewhat tired” buildings — though not increase their footprints — while maintaining the natural environment that may contribute, in some way, to the hedge fund’s successful management of $169 billion.

The buildings on the Glendinning site are half a century old.

The buildings on the Glendinning site are half a century old.

Glendinning (named for the marketing firm that originally developed the property) sits at the confluence of the Saugatuck and Aspetuck Rivers. It’s in a 100-year floodplain.

To mitigate flooding — a problem in the past — Bridgewater wants to move 170 asphalt parking spaces underground. The new parking garage will be planted over, with bio-filtering greenery.

There will also be a new central green. As adjacent buildings are renovated, coverage will be reduced by 30 percent. Coverage on the adjacent Ford Road parcel may increase slightly.

Natural plantings will restore 1000 feet near the Saugatuck River’s edge. Bridgewater will work with Trout Unlimited to add a new fish ladder too.

A realigned driveway and new bridge will connect the complex with Ford Road. Bridgewater promises to buffer it well.

The river (and dam) on the Ford Road side of the property (left in this photo) will be protected and enhanced, in Bridgewater's plan.

The river (and dam) on the Ford Road side of the property (left in this photo) will be protected and enhanced, in Bridgewater’s plan.

Bridgewater has already met with Westport’s planning, engineering and conservation departments, plus the fire marshal. They’ve talked with the Department of Environmental Protection.

They’ve also sat down with owners of nearby properties, on Weston and Ford Roads.

“This is the best stewardship of a unique natural resource,” a Bridgewater spokesman told the P&Z. Members had several questions, but seemed to appreciate the company’s commitment to green space.

The process is still in the early stages. Applications and reviews are needed by conservation, flood and erosion and architectural review boards, plus the DEP and FEMA. It could be 6 months to a year before the P&Z hears the application.

Bridgewater is a hedge fund, not an insurance company. But it sounds as if they’re borrowing a famous firm’s motto. You know: Like a good neighbor, they’re there.

(To see Glendinning’s full presentation at the P&Z meeting earlier this month, click here; then click “Agenda.”)

3 responses to “Bridgewater’s Glendinning Goes Green

  1. I remember swimming there in the 1970s

  2. We need to make sure everyone understands the stage this project is in of making it through approvals. This was a “pre-app” session in front of Planning and Zoning. It is a good opportunity for a project to get advice and guidance well before seeking formal approval. Interested citizens can view P&Z sessions on line in case you can’t attend in person. Not all projects make the choice to do this. It is a good move by Bridgewater to pursue this course for advance dialog and feedback.

    Art Schoeller
    President
    Greens Farms Association

  3. Don Willmott

    Very interesting. Given the kind of flooding that can happen in that area, one wonders how they would keep an underground parking garage dry when the rivers rise in the spring.