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BRIDGEWATER — With Bridgewater Grange Hall currently in an unusable state, members of the town’s Grange are creating a nonprofit in hopes to make the aging structure a functioning building once again.

It “should be a few weeks” to get the necessary approvals for the nonprofit’s formation, said Lisa Burns, an assistant steward in the Grange and the expected secretary of the Bridgewater Grange Preservation Association. The entity's three expected board members — Burns, Neil Olshansky and Peggy Zottola — all carry roles within the grange.

“We chose setting up a separate organization for that because we’re eligible for a lot more in the way of grants and funding and there’s a lot more that a nonprofit can do, structured the way that we will be for the Grange preservation,” Burns said.

The building, which was constructed in the mid-1800s, has served a variety of purposes over the years — including functioning as a schoolhouse, and a meeting space — prior to it getting condemned. An insurance provider has previously cut back on the structure’s coverage and ordered it to be enclosed with a chain link barrier.

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Restoring the existing building isn’t the only possibility that’s being considered — some would like to see it torn down and have a new building built for the community. The building suffers from structural issues and the presence of lead paint and asbestos, among other problems, according to a presentation provided by the first selectman Curtis Read.

As part of the Bridgewater Center Historic District, the building is marked on the National Register of Historic Places. This posed an issue for a possible plan the town put forth a few years back that involved knocking it down. According to a 2018 update from the first selectman, the Historic Preservation Council determined it would urge the state Attorney General’s Office to block that from happening.

“We have blight in the middle of town,” Read said in an interview. “It’s got, you know, rats and squirrels and termites and everything else living in it, in and amongst a bunch of old wooden buildings.”

Burns said the group has a plan to tackle the renovation project in three stages. They aim to have the structure available for use by the Grange and the community at large.

“It does have a history of serving the purpose that we’re actually trying to put it back into service as, which is a town center for, you know, anybody who can make use of it, and it will be the home of the Grange again, it’ll be the home of the Bridgewater Grange organization,” Burns said.

The first phase of the plan would focus on ensuring the building is structurally sound, Burns said. During that stage, they’d “jack up the building,” take out the current foundation and construct a new one and “remove oil that’s underneath,” she said. The second phase would include work for the first floor, while the third would cover work for the second floor, she added.

The Office of the Attorney General and State Historic Preservation Office are expected to connect with the town Dec. 18 to “share and discuss a business plan” that Grange members are working on, Office of the Attorney General spokesperson Elizabeth Benton wrote in an email.

“The latest information is that the Bridgewater Grange business plan is being developed and is on track to be ready for the deadline,” Benton wrote.

Read said the Dec. 18 date marks a “tipping point” in the process.

“They’re trying to find a method to make this happen that’s, you know, doable,” Read said. “I obviously have my reservations as to whether the Grange and the state are going to be able to make this happen financially, but that’s what they’re trying to do. And, you know, I remain open-minded about it, and I look forward to seeing if they can do that.”

The town has gotten potential bids for restoring the structure before. Read said estimates have ranged from “$900,000 for a new building to $1.8 million to renovate that building.” But Burns said she expected the cost for the three phases of their renovation plan to be over $800,000, based on information from “historic specialists” they’ve worked with.

Read said he has “roughly $400,000 in the bank” if the town’s plan moved forward.

The Grange members forming the nonprofit wrote in a news release they plan to be aided by “grants, local fund drives, and events.” Burns expected the possible renovation to benefit from $300,000 from the state — $100,000 for each of the plan’s three phases — in addition to “a lot” of the expenses being “subject to a 20 or 25 percent” tax credit, she said.

Historic Restoration Fund Grants can match funding up to $100,000 per phase, said Todd Levine, who works for the state Historic Preservation Office. They’d have to apply for it and “it’s a competitive grant,” he said.

“I don’t see very many reasons why they would not get funded, as long as they fill out the applications correctly, so on and so forth,” Levine said.

GREENWICH, CT — Ray Dalio, founder of Westport-based Bridgewater Associates, the largest hedge fund firm in the world, announced on Tuesday that he's ceding control of the company after nearly 50 years.

Dalio, 73, a Greenwich resident, took to Twitter Tuesday morning and posted a lengthy thread discussing the transition.

"Today is a very special day for me and Bridgewater Associates because I transitioned my control of Bridgewater to the next generation and I feel great about the people and 'machine' now in control," Dalio said.

Co-Chief Executive Officers Nir Bar Dea and Mark Bertolini will be in charge of the business side.

"It’s hard to overstate the importance of this moment for Bridgewater and Ray. Ray founded Bridgewater 47 years ago and, over a decade ago, set out on this journey to transition it," Bar Dea and Bertolini said in an email to Bridgewater employees on Tuesday.

"This process wasn’t easy and we didn’t always agree, but together, we’ve now finished something that very few firms or founders have accomplished, shifting from being a founder-led boutique to being an enduring institution led successfully by the next generation," the email continued.

Bar Dea and Bertolini said that going forward, Dalio will continue as a CIO mentor and an operating board member.

"Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together. That's a dream come true," Dalio said on Twitter.

According to his bio on the Bridgewater website, Dalio stepped down from being CEO in 2017, as chairman at the end of 2021, and transitioned his CIO role to focus on mentoring the Investment Committee, which is responsible for the oversight and evolution of Bridgewater’s investment strategies, in 2021.

Dalio has given more than $1 billion to philanthropic causes over the years, Forbes said. Dalio Philanthropies has supported microfinance and public education.

Ray Dalio announced Tuesday he’s ceding control of Bridgewater Associates, 47 years after he founded the hedge fund that’s become the world’s largest.

In a series of Tweets, Dalio said it’s a “very special day” for him and the Westport-based hedge fund.

“I transitioned my control of Bridgewater to the next generation and I feel great about the people and ‘machine’ now in control,” said Dalio, 73. “This transition moment is the culmination of a 47-year journey.

In an interview with Bloomberg, he said his decision to step away “was the natural progression of events.”

He will keep his seat on the board with the new title of founder and CIO mentor.

Dalio, a former Wall Street trader, said in his posts on Twitter he started Bridgewater with two others in his two-bedroom apartment. Bridgewater is now a “multi-generation institution” with 1,300 people, he said.

“I can now visualize it doing great things for generations w/ out me,” he said. “That’s as good as it gets.”

Dalio said Bridgewater’s new leaders are co-Chief Investment Officers Bob Prince and Greg Jensen, who are in charge of investments” and co-Chief Executive Officers Nir Bar Dea and Mark Bertolini, who will lead the business aspects of Bridgewater, he said.

Bridgewater Associates, with assets under management of about $150 billion, announced in January that Bertolini, former chief executive officer of Aetna, was the new co-CEO. He was co-chair of Bridgewater’s Operating Board of Directors and served as co-CEO with Bar Dea, a retired major and a platoon leader in the Israeli Defense Forces.

In a note to Bridgewater staff, Bar Dea and Bertolini said it’s difficult to “overstate the importance of this moment for Bridgewater and Ray.”

“Ray founded Bridgewater 47 years ago and, over a decade ago, set out on this journey to transition it,” they said.

Dalio uses LinkedIn to communicate to his 2.5 million followers his thoughts on business principles, the global economy, social issues and other topics. Dalio, whose net worth is pegged by Forbes at $19.1 billion, has criticized the economic system’s shortcomings, particularly its inability to reduce inequality.

He helped Connecticut obtain personal protective equipment from China in a deal he and other businessmen brokered that resulted in a shipment of N95 masks, surgical gowns and infrared thermometers.

Bridgewater received $22 million in forgivable state loans and grants in 2016 to create 750 jobs and keep the 1,402 positions it then had. The money was to be used to renovate and expand the firm’s Westport headquarters and operations in Wilton and Norwalk.

Bridgewater has so far been forgiven $10.8 million of a $17 million loan, with a balance of about $6.2 million, according to the state Department of Economic and Community Development. The hedge fund received $5 million in grants and was allocated up to $30 million in Urban and Industrial Site Reinvestment Tax Credits that must be earned over 10 years.

Stephen Singer can be reached at [email protected].

The store will be at 165 Main St. in Westport, next to the GG & Joe coffee shop.

The following announcement is from Bridgewater Chocolate:

WESTPORT, CT — Bridgewater Chocolate, the beloved Connecticut chocolate brand known for its lineup of familiar American classics made with European techniques, is opening a flagship retail location in Westport on September 15 at 165 Main Street. The opening of the new location follows a successful pop-up experience for Bridgewater Chocolate in the area during the 2021 holiday season.

“Westport had a chance to get a taste of our house-made chocolates with our holiday pop-up last year, and the community welcomed us with open arms. We couldn’t be more excited to be returning this year with a permanent location,” said Jeff Stoeckel, CEO of Bridgewater Chocolate. “We aim to be the iconic chocolate brand in Connecticut and growing our retail presence is a significant part of that.”

The Westport location is the fourth retail location for the chocolate company, which first offered chocolates for sale in Bridgewater, Connecticut in 1995. As the company started to grow, operations were moved to Brookfield, Connecticut in 1999. The 1350-square-foot location in Westport will feature a customer experience designed to be engaging, approachable and delicious.

The flagship Westport location will be the first location of its kind for Bridgewater Chocolate with several unique offerings that will make for a special shopping experience. When customers step into the store, they will be greeted and guided through an in-store sampling experience of Bridgewater Chocolate’s best-sellers. A “By the Piece Bar” will allow chocolate-lovers and chocolate-gifters alike to select a box, choose from a variety of house-made chocolates and customize details for a personalized chocolate selection at every budget.

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Known for stunning hinged boxes and hand-tied ribbons, Bridgewater Chocolate is focused on providing an elevated gifting experience. From corporate gifting, weddings and anniversaries, housewarming and host gifts, teacher appreciation and graduation, party favors or just a little thoughtful gesture to brighten someone’s day – or even for yourself - the chocolate shop will offer something for everyone.

Shoppers will have the opportunity to select from items including nostalgic favorites like Chocolate Peanut Butter Patties and the top-selling Bridgewater Assortments, packaged in hinged boxes that range in color from a classic navy blue, holiday red, burgundy or gold complete with a hand-tied bow.

Partners on the project included BA Staging and Interior Design, Brandfuel Co. and Wainscot Solutions.

The store will be open Monday – Saturday from 10 a.m.–6 p.m., and Sundays from 10 a.m.– 4 p.m. In addition to retail and larger volume corporate sales, Bridgewater Chocolate offers online ordering and shipping across the country.

For more information on Bridgewater Chocolate, visit the website.

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BRIDGEWATER — Sept. 1, 2021 is a day Matt Denning said he’ll never forget.

His goal now is to restore the wheel and make it spin.

“I’d like to get it done in time for the Bridgewater (Country) Fair (on Aug. 18-20). It’s nonstop traffic all day long up to the fair,” he said, adding he would like to people passing by to see the wheel spinning.

Bridgewater First Selectman Curtis Read said he’s very impressed with the work and time Denning has put into the restoration process.

“What Matt has done ... is extraordinary,” Read said. “It’s a fascinating project. Everybody’s thrilled. They’ll see it more and more as the leaves fall off the trees and the project’s done and the wheel is turning. It will be quite something.”

'I had to be there'

After the Red Mill was first built, it was later enlarged to a gristmill, cider mill and shingle saw mill, and went through about a dozen owners.

When referring to the history of the mill, Read recalled the late Pulitzer Prize-winning author Theodore White, a historian and Bridgewater resident who said, “when you come over the (Lillinonah) bridge and see the little red mill and the wheel turning, you know you’re home in Bridgewater and you breathe a sigh of relief because you’ve come to a special place.”

When Denning, who previously lived in Brookfield, saw the mill for the first time, he said he instantly knew he wanted it.

“When I bought the property, I wasn’t even looking for a place. I was on my bike. I just drove by and it was for sale,” he said. “I looked in the window and that was it. I had to be there. I sold my other house in Brookfield — and that was 23 years ago.”

Denning lives about 100 feet from the mill, in a home built around the same time as the mill. In 2012, he expanded his home — adding 3,200-square-feet to the original 1,200-square feet.

Restoration

After the flood, members of the community helped Denning restore the mill by contributing to the costs involved with the project. Additionally, a fundraising campaign called “Help restore the old Red Mill Bridgewater” has raised almost $4,000.

One resident, who Denning said wishes to remain anonymous, helped finance the retaining wall and then paid about $5,600 for the lumber for the flume, which brings water from the dam to the wheel.

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He was able to rebuild the flume using old photographs and got measurements from some of the debris left from the original flume. He built it in his driveway and a crane lowered everything into position.

As he finished the project earlier this month, Denning said he didn’t even notice the poor air quality that day.

“I was more focused on the crane moving the flume,” he said. “I didn’t find out until later in the day that the sky was orange because of smoke.”

He's now at work restoring the wheel, which had “quite a bit of damage,” he said, adding it will involved hundreds of hours of labor.

“There is a lot of grinding rust. Also, it needs a good paint job to protect from further rust,” he added.

He said he can’t wait to make electricity with the wheel so it can spin.

“You don’t know how many people have asked me over the last few years, 'Hey, when’s the last time the wheel was spinning? ' 'Does that thing work?' he said.

Denning said he really enjoyed the experience of rebuilding the iconic mill.

“It’s a real pleasure. Even on my days off, I spend my days working on it,” he said. “It’s a labor of love.”