Commonwealth Landing partners name 5 tenants for multiuse project

A year and a half after three city businessmen bought the former Quaker Fabric headquarters for $1.5 million, they named five commercial tenants at a press conference Thursday while stating their multiuse project should top $20 million when the residential portion is finished in early 2013.

“I think there will be in excess of 100 new jobs, and I think (this portion of) the project represents in excess of $3 million,” Cordeiro said of his project, which faces the Taunton River and Bicentennial Park.

The key, he said, was the previously announced expansion of Bristol Community College to bring 2,500 students weekly within 18,000 square feet of converted second-floor mill space.

BCC Vice Presidents Steven Kenyon and Joan Menard said in June students would attend day and night classes in adult basic education, GED and work-force training.
Some will be dislocated workers from companies like A.J. Wright that shut down in Fall River last year and Quaker Fabric, which declared bankruptcy in 2007.

“There are a lot of local residents,” Menard, the retired long-time state legislator, said of the students. “We’re very excited about this partnership.”

BCC will add 20 jobs.

Cordeiro, joined by partners Larry Coutu and Alan Macomber, told the media and supportive cast of officials the BCC students triggered commitments for a second restaurant and a coffee shop.

Mayor Will Flanagan hailed the progress, calling it “a genesis of waterfront revitalization.”

He cited eateries locating here and said the investment “speaks volumes about what our city has to offer.”

Kenneth Fiola Jr. reported the news as a further sign of waterfront revitalization.

Neither officials nor developers had details of the tax revenue that will be produced, but Cordeiro said it would be substantial.

The other tenants announced included:

— Red Cedar Restaurant, blending wood-fired cuisine and trendy music on 3,000 square feet of the first floor with a courtyard overlooking the water on the north side. The three partners from Greater Fall River plan to bring 30 to 50 jobs.

— Custom Coffee House, popular in Portsmouth, R.I., and opening its second location fronting Davol Street.

— Arbour Health, a social services agency, bringing offices in 12,000 square feet of space.

— A spa/salon.

“They’ll all be ready for June 1,” Cordeiro said. At that juncture, Cordeiro said they’d have invested $7 million, and about 65,000 of 88,000 square feet on the first two floors would be occupied, along with a church on the lower level.

He also said that in a couple of weeks their building contractor would obtain 90 building permits. It reflects plans for 27 mostly two-bedroom apartments on each of the fifth and fourth floors and possibly the third floor.

That largest phase represents a $14 million cost with completion plans by the first quarter of 2013.

The question of Jerry Remy’s Sports Bar & Grill opening this fall came up.

“Remy’s is a work in progress,” Cordeiro said. He said architectural drawings are done and they’ve “hired a full-time attorney to deal with Remy’s lawyers, and we’re moving forward.”

He also introduced general contractor David Sluter of New England Construction, who spoke about their $235 million Rumford Center project in East Providence slated to be fully occupied this summer in similar mill reuse.

Flanagan, beginning his second-term, linked this project from strong campaign supporter Cordeiro to his campaigns for office, saying the city would have a waterfront “bustling with activity.”

He listed things in place or in the planning, such as a 125-slip marina, Battleship Cove, the Carousel and the Marine Museum as destinations.

He said the city also was working with the Regatta owner to see that long dormant waterfront pub on the other side of Bicentennial Park reopened.

Email Michael Holtzman at mholtzman@heraldnews.com.

Read more from the original source:
Commonwealth Landing partners name 5 tenants for multiuse project