Complex sentence: Bridgeport used to be the home for the Bridgeport Elementary School, with its building having been built in 1942 when it still serviced both elementary and high school students--on the first and second floors, respectively.
Split into simpler sentences: Bridgeport used to be the home for the Bridgeport Elementary School. It was replaced with the current building in 1942 and was at the time designed to service both elementary and high school students--on the first and second floors, respectively.