New Harbour Mall in Fall River target of $50M redevelopment project

THIS RENDERING SHOWS THE VIEW from the entrance of the new South Coast Plaza in Fall River, a $50 million project that will redevelop the largely vacant New Harbour Mall. / COURTESY CEA GROUP INC.
THIS RENDERING SHOWS THE VIEW from the entrance of the new South Coast Plaza in Fall River, a $50 million project that will redevelop the largely vacant New Harbour Mall. / COURTESY CEA GROUP INC.

FALL RIVER – The largely vacant New Harbour Mall will be redeveloped in a $50 million project that will convert the enclosed retail center to an open-concept plaza.
The new South Coast Plaza is expected to include space for 25 to 30 businesses, including retailers, restaurants and a multi-screen cinema. The project is being managed by the CEA Group of Cambridge, Mass. The architect is PCA, known for large retail developments in metro Boston including Legacy Place in Dedham, The Street in Chestnut Hill and Market Street in Lynnfield.
The Stonewood Companies will coordinate leasing and project management activities.
Construction is expected to begin in mid- to late-2016 and will take up to 18 months.
The city of Fall River in September designated the 30-acre New Harbour Mall property as an economic opportunity area, which allows the developer to receive a state tax credit for redevelopment that could cover up to 10 percent of the cost of the project, according to Ken Fiola, executive vice president of the Fall River Office of Economic Development.
The project also will be the subject of an application to the Fall River City Council for Tax Increment Financing, through which the city could defer a portion of the tax base improvements for a period of up to 20 years. That designation would also trigger eligibility for additional state tax credits, according to Fiola.
The mall, created in the 1970s, has been largely vacant for three to four years, he said. Its redevelopment is expected to generate 1,100 retail jobs and more than 700 construction jobs. The area would represent the city’s largest retail center, Fiola said.
“It’s a win on a couple of different fronts,” Fiola said. “It’s the revitalization of a property that’s been blighted for three to four years. And it represents a $50 million private investment in the city.”

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