The research reactor TRIGA Mainz is an ideal facility to provide neutron-rich nuclides with production rates sufficiently large for mass spectrometric and laser spectroscopic studies. Within the TRIGA-SPEC project, a Penning trap as well as a beam line for collinear laser spectroscopy are being installed. Several new developments will ensure high sensitivity of the trap setup enabling mass measurements even on a single ion. Besides neutron-rich fission products produced in the reactor, also heavy nuclides such as 235-U or 252-Cf can be investigated for the first time with an off-line ion source. The data provided by the mass measurements will be of interest for astrophysical calculations on the rapid neutron-capture process as well as for tests of mass models in the heavy-mass region. The laser spectroscopic measurements will yield model-independent information on nuclear ground-state properties such as nuclear moments and charge radii of neutron-rich nuclei of refractory elements far from stability. This publication describes the experimental setup as well as its present status.