The Fall River Office of Economic Development (FROED) has purchased the Cherry & Webb building located on South Main Street in the city’s downtown.
Calling the purchase a “cornerstone for downtown revitalization,” Fall River Mayor Edward M. Lambert Jr., said a portion of the 75,000-square-foot building will become home to the University of Massachusetts Dartmouth’s new Center of Professional and Continuing Studies. The center is expected to serve between 400 and 500 students in day and evening classes once it is fully operational.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
The balance of the 75,000-square-foot building will be available for lease for complementary uses.
According to Kenneth Fiola, Jr. FROED’s executive vice president, plans call for building rehabilitation to begin next month. He explained that the structure will be gutted and refitted with state-of-the-art systems. In a nod toward historic preservation, the original façade will be uncovered and restored.
“Our target date for completion of this project is September 2002,” Fiola said. “The university would like to open the Center of Professional and Continuing studies next fall semester. We are confident that we will meet that deadline.”
Fiola added that his office is now finalizing a financial package through a consortium of area banks and the Greater Fall River Development Corporation. The financing will be used to fund the rehabilitation phase of the project. FROED will continue to work closely with UMass officials in the coming weeks as the project officially begins.
