Connecticut is providing Bridgeport, Conn., $300,000 to redevelop its historic Remington Arms Factory site.

"As a former industrial powerhouse with historic buildings that have been neglected for several decades, we're rebuilding our city while staying true to our working class roots," said Mayor Bill Finch.

Located in the city's East Side, the oldest building that serves as part of the larger complex was built in 1867 as the Union Metallic Cartridge Company. In 1912, the company merged with the Remington Arms Co.

Two years later, as the Remington Arms increased production, the factory expanded into 38 buildings taking up more than 73 acres of land. The factory continued to thrive until World War II ended. But over the ensuing decades, it steadily declined until 1986 when it closed for good.

For the past few decades, the property has been vacant. One portion of the site has been cleared and will soon serve as home to Bridgeport's second train station, named after showman and former mayor P.T. Barnum.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.