business park along Taunton River
in Freetown.
A Providence-based developer has agreed to buy more than 500-acres along the Fall River City line — paving the way for what could be New England’s largest business park.
Churchill & Banks announced that its affiliate, Riverfront Business Park LLC has signed a purchase and sales agreement for $12 million with the Greater Fall River Development Corporation (GFRDC) to acquire the Riverfront Business Park, a 575-acre site located in Freetown, Mass.
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Churchill & Banks is also developing the former Gorham site in Providence and were the developers at Lincoln Mall.
In Fall River, it’s projected that the 350 acres of developable land at the park could yield close to three million square feet of commercial space, and create more than 8,000 new jobs over the next decade.
“These figures are the result of a formula,” said David Monti, of the RDW Group, spokesperson for Churchill & Banks. “It is based on the number of acres, the number of square feet built, and a number of other things. This is also what we are projecting to be the total 10 years from now.”
The property, formerly home to the Algonquin Gas Company, is just over a mile from Route 24. And while the site has been the focus of a number of development initiatives, it has remained idle since Com/Energy purchased the property in 1986. Last year, the GFRDC, a non-profit business development organization, purchased the property in the hopes of stimulating its growth.
“We purchased the Riverfront Business Park in January of 2000 from Com/Energy to attract more businesses to the area and as a result, create new jobs,” said John B. Cummings, Jr., president of the GFRDC. “The economic benefits of this proposed project are immense, and it’s truly a win-win situation for everyone involved.”
Ken Fiola, executive vice president of the Fall River Office of Economic Development, said the park’s development is crucial to the continued diversification of the area’s economic foundation .
“I would anticipate the project will have a tremendous impact on the region in regard to a new and different types of jobs for people in the area,” he said. “Anytime that you have the opportunity to introduce an estimated 8,000 jobs in the Fall River area, that’s most welcome. What we are trying to do is develop a truly diversified economy.”
The parcel’s full development is also contingent on the construction of an interchange that would directly link it to Route 24. And because that interchange is still in the planning process, Fiola said it could be at least five years before it is completed.
“I think that the first five years will be limited in development because of the interchange,” he said. “Once it’s built I think you will see a lot more development, and at a much quicker pace.”
But, Monti doesn’t think that the interchange will slow the park’s development, pointing out that construction on the park’s first 600,000 square foot building is expected to begin this fall — pending local and state approvals.
“I think the interchange will help grow the park, but it’s not a necessity,” he said. “There are certainly potential tenants waiting in the wings, they are just waiting for the final signoff.”
According to Monti, the development could mean good things for the town of Freetown – where combined commercial taxes amount to only 11 percent of the town’s annual revenues.
“This kind of development is a bonanza for Freetown, from a tax perspective,” he said. “What you will have is a parcel of land developed in such a way that won’t hurt the surrounding area, but compliment it. What you will have is a large number of companies paying huge amounts of property taxes and using very little of the town’s municipal services.”
Lawrence N. Ashley, chairman of the Freetown Board of Selectmen agreed.
“We are excited about this venture and will do everything in our power to make it successful,” he said. “This development will certainly put southeastern Massachusetts on the map.”
(Photo courtesy of Churchill & Banes.)
