Trending developments vol 2 issue 12

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Fall River Office of Economic Development

Fall River Office of Economic Development

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  • 1. Trending Developments FALL RIVER OFFICE OF ECONOMIC DEVELOPMENT Volume 2, Issue 12 FROED Board of Directors: Officers Mayor William A Flanagan, Chairman/Ex-officio Paul S. Medeiros, President James M. Karam, Vice President Frank Marchione, Treasurer Alan F. Macomber, Clerk At-Large Members Joseph Baptista Paul C. Burke Francisco Cabral Nicholas M. Christ Mark Cordeiro Larry Couto Carlos A. DaCunha Jerry Donovan Bruce Fernandes Alfredo M. Franco Craig A. Jesiolowski Stephen R. Karam Michael Lund Joseph A. Marshall George Matouk, Jr. Joan Menard Kenneth R. Rezendes Anthony Riccitelli Joseph Ruggeiro, Sr. James P. Sabra Len Sullivan Ex-Officio Members Daniel Abraham Carl Garcia Atty. William G. Kenney Meg Mayo-Brown Scott O’Brien Linda Pereira Douglas Rodrigues John J. Sbrega Corporate Counsel Atty. James W. Clarkin Non-Voting Members Robert A. Mellion FROED Staff: Kenneth Fiola, Jr., Esq. Executive Vice President Stephen Parr, Director of Finance Janet A. Misturado, Director of Administration Louise A. Methot, Financial Services Representative Maria R. Doherty, Network Administrator Lynn M. Oliveira, Economic Development Coordinator December 2013 Route 79/Davol Street Corridor Study In a public meeting held on November 21, 2013, the Massachusetts Department of Transportation announced the three longterm alternatives under consideration for the Route 79/Davol Street Corridor project. Alternative 1 is an elevated limited access Route 79, which maintains an elevated Route 79 with cross connections, similar to what currently exists. This alternative would create a maximum of approximately 1.33 million square feet of space for retail, residential and office space development. With alternative 1 the “visual barrier” created by Route 79 is worsened by raised elevations, but the roadway shift creates 10.1 acres for green space and redevelopment. The cost of alternative 1 is $100 million. Alternative 2 is an urban boulevard, which creates an at-grade Route 79. This alternative would create a maximum of approximately 1.4 million square feet of space for retail, residential and office space development. With alternative 2 the at-grade Route 79 removes the “visual barrier” between Fall River and the waterfront. In addition, the roadway shift creates 10.6 acres for green space and redevelopment while a large median allows for boulevard type landscaping. The construction cost of alternative 2 is $55 million. Alternative 3 is a boulevard with frontage roads, which creates an at-grade Route 79 with frontage roads. This alternative would create a maximum of approximately 1.99 million square feet of space for retail, residential and office space for development. With alternative 3 the at-grade Route 79 removes the “visual barrier” between Fall River and the waterfront. In addition, the roadway shift creates 15 acres for green space and minor redevelopment while the median between northbound and southbound Route 79 allows for landscaping. The construction cost of alternative 3 is $55 million. (Continued on page 2) Inside this issue: Fall River by the Numbers 3 FROED 2013 Loan Programs 3 Networking Workshop 4 1 ZERO 4 4 CWT Professional Building 4 Fall River Office of Economic Development One Government Center Fall River, MA 02722 Phone: (508) 324-2620 Fax: (508) 677-2840 http://froed.org Looking for a job? Visit froed.org then select the “Current Employment Opportunities” tab. Next click “Job Search” and this will launch an interactive database. Within this database alone there are currently 907 employment opportunities within a 5 mile radius of Fall River.
  • 2. Trending Developments Route 79/Davol Street Corridor Study (Continued from page 1) The complete presentation offered by the Massachusetts Department of Transportation can be found at http:// www.massdot.state.ma.us/ route79/Home.aspx. After extensive review of previously compiled study information and discussions at the Working Group and Public Information meetings, the Fall River Office of Economic Development supports Urban Boulevard concept as depicted in alternative 2. Alternative 2 best positions the waterfront for economic growth from a transportation, land use, environmental and cost standpoint. Further, the creation of an urban boulevard helps to create 10.6 acres of developable land along the waterfront, which can accommodate 1.4 million s/f of mixed use development inclusive of residential, office and retail use along with 877 parking spaces within structured parking. along North and South Davol Street. In addition, the Urban Boulevard not only re-establishes two way traffic along Brightman Street but also (i) helps to create direct Brightman Street/Route 79 North access; (ii) strengthens user friendly, multimodel connectivity between the surrounding neighborhoods and the waterfront via new pedestrian walkways and bike The Urban Boulevard con- paths; (iii) creates safe cept best exemplifies the vehicular traffic conditions type of mixed use develop- conducive to neighborment that is complimenhood development; (iv) tary to existing neighborhelps to create much needhoods and businesses ed job opportunities Alternative 2: Urban Boulevard Page 2 for SouthCoast residents via the project build out scenarios; (v) expands the city’s tax base and (vi) best positions the waterfront for SouthCoast Rail. Any questions regarding the Fall River Office of Economic Development’s decision to support Alternative 2 should be sent to info@froed.org. Questions regarding the Route 79/ Davol Street Corridor Study should be directed to the Massachusetts Department of Transportation Project Manager, Ethan Britland at ethan.britland@state.ma.us.
  • 3. Trending Developments Fall River by the Numbers... Percent of Employment by Industry - Fall River Other Services Public Administration Arts, Entertainment, Recreation,… Educational Services, Health Care, … Professional, Scientific, … Finance, Insurance, Real Estate, … Information Transportation, Warehousing, … Retail trade Wholesale Trade Manufacturing Construction Agriculture, Forestry, Fishing 0 Percent of Employment by Industry - Fall River 5 10 15 20 25 30 *Figures based on SouthCoast Urban Indicators Project Start spreading the news! It makes sound business sense to locate or expand operations in Fall River! FROED LOAN PROGRAM STRONG IN 2013 Year end totals are in and the Fall River Office of Economic Development’s (FROED) Loan Program had another successful year. Since January 1, 2013 FROED has provided low interest loans to 16 local businesses. The loans total close to $1.4 million and helped to retain over 300 jobs here in the city. The loans are also projected to create 30 new positions in the various businesses that received funds. Mayor Flanagan noted, “success of businesses here in the city is a key component to the development and prosperity of the city.” The Mayor went on to add, “having a resource like the Office of Economic Development not only benefits the businesses who utilize those resources, but also the city as a whole through job retention and creation.” The Fall River Office of Economic Development Mayor William Flanagan offers a number of loan who has identified himself as programs based on the a pro-business mayor is needs of the applicant’s thrilled by the support these business. Since 1978 the local businesses are Fall River Office of receiving from FROED. Economic Development has issued more than $75 million in low interest loans to more than 650 Fall River businesses, which have helped to create and retain more than 15,000 jobs. Applicants are asked to submit an application, financial statement and business plan to be considered for a loan. FROED’s loan programs, funded in part through a Community Development Block Grant, can be combined with private, state and federal funds. Kenneth Fiola, Jr., Executive Vice President of the Fall River Office of Economic Development is pleased with the year end totals noting, “We have a diverse client base and pride ourselves on Page 3 working with businesses to achieve their goals. We have a strong finance team and I encourage any Fall River businesses looking for financing to contact our office.” For additional information about the loan programs offered through FROED, visit FROED’s website at www.froed.org or contact Finance Director Stephen Parr at 508-324-2620.
  • 4. One Government Center Phone: 508-324-2620 Fax: 508-677-2840 Keeping Fall River working in Fall River. FALL RIVER OFFICE OF ECONOMIC DEVELOPMENT The Perks of NOT being a Wallflower - January 15th How many times do you say to yourself that you need to meet more people? That your circle of influence needs to be strengthened? That your skills and products have yet to be discovered? Yet you find yourself not really knowing how to make the most of a networking opportunity and leave an event disappointed...You're probably a wallflower! Pull back those petals and join WINNING's Kevin Hallinan for Networking Boot Camp and learn how to go from wallflower to superstar... Effective networking requires a plan and an approach that is strategic and measurable, so get out of the corner and get ready to shine! 1 ZERO 4 This FREE event will be held on Wednesday, January 15, 2014 from 4:00 – 6:30 p.m. at the Cherry & Webb Building, 139 South Main Street – 4th floor, Fall River, MA and is sponsored by the Fall River Office of Economic Development. Space is limited, so please register on line at www.msbdc.org/semass and click on event calendar or call us at 508-673-9783 x 10. Metered parking is available on South Main Street. Additional parking is available for a nominal fee at the Pearl Street garage, which is one block from the building on the corner of Pearl and Anawan Streets. Funded in part through a cooperative agreement with the U. S. Small Business Administration. A team of entrepreneurs have come together to create 1 ZERO 4, an incubator for startup companies. Located at 104 Anawan Street, the 1 ZERO 4 team seeks to help entrepreneurs by offering a variety of essential business services to assist in the establishment and early operation of companies. The incubator offers common space open to any individual or business, providing them with access to all the resources and amenities that would be found in a normal office along with incubator extras such as a ping pong table. The mission of 1 ZERO 4 is to help emerging companies connect with mentors and potential investors to help them become successful and profitable businesses, while simultaneously increasing the economic health of the local community. For additional information about 1 ZERO 4 visit their facebook page or call their office at 104 Anawan Street at (508) 496–1433. Offices with a View The CWT Professional Building located at 139 South Main Street is the home of the former Cherry & Webb Department Store. The space has since been converted to retail and office space. Current tenants include Drewbi Salon, Café Arpeggio, UMass Dartmouth, and McDonald Law Offices among others. Conveniently located across from the new courthouse this space offers convenience and value. Now available: Two water view offices consisting of 2,250 sq. ft and 3,700 sq ft. A convenient downtown location and beautiful views make this space ideal for professionals looking to expand or relocate. Anyone interested in visiting the available space or learning more about the CWT Professional Building should contact FROED at 508-324-2620. Mission statement of the Fall River Office of Economic Development: Incorporated in 1978 as a 501(c)(4) corporation to promote the prosperity and general welfare of the citizens of Fall River through the stimulation of economic strength and expansion of new and existing business. For more information please visit our website: www.froed.org Page 4