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News
First Bristol and Marshall Properties Announce Development Plan for Former Quaker Manufacturing Facility
Wal-Mart named first tenant for new 330,000-square-foot retail center to be called "Crossroads at 24"
FALL RIVER, Massachusetts - (July 13, 2011) - First Bristol Corporation and Marshall Properties, Inc., along with Mayor William Flanagan and Massachusetts State Senator Michael Rodrigues, announced plans today to start construction on a $55 million development project at the former Quaker manufacturing facility on Brayton Avenue in Fall River. This new 330,000-square-foot mixed use retail center to be called Crossroads at 24 will create approximately 600 full and part-time jobs and more than 200 construction jobs while being developed. In addition, Crossroads at 24 will house numerous tenants, including the South Coast region's first Wal-Mart Supercenter. Construction at the site is set to begin August 1, 2011, and the first tenant is scheduled to open its doors at the end of 2012.
"We are looking forward to the economic vitality that this project will bring the City," said Mayor William A. Flanagan. "This is a boon for the community, and proof positive that the public and private sector can work together for the benefit of its residents. We're thrilled to welcome this Wal-Mart investment with a state-of-the-art supercenter and look. Thank you to First Bristol, Marshall Properties and the State who have come together with our office over the past two years to make this project a reality and bring some much needed jobs and revenue to the area."
Upon completion of the project, the new retail center is anticipated to generate approximately $7 million annually in sales tax for the State as well as more than $600,000 in annual property taxes to Fall River. In addition, the site will include added landscaping and greenery, improved outdoor site lighting, and an enhanced landscaped buffer area along the neighboring residential units.
"We have worked diligently with the City of Fall River and Commonwealth of Massachusetts to bring this revitalization development to fruition and improve the economy of the City," James Karam, President, First Bristol Corporation. "We clearly recognized the importance of this location as one of the most dynamic retail locations in the South Coast, at the intersection of two major regional highways (I-195 & Rte 24). We're eager to get to work and deliver a destination center that creates jobs, adds value and becomes a true focal point for the City of Fall River."
In bringing the project to fruition, First Bristol and Marshall Properties completed approvals for traffic improvements around the new retail center, including rebuilding the corner of Jefferson and Quequechan streets and installing a new signal light that improves traffic flow through the area. The developers will also utilize the existing curb cuts on the roadway and introduce an additional traffic light on Brayton Avenue to better manage traffic flow. These developer paid improvements exceed $2 million.
"This project will not only enhance the quality of life in the community, but will also serve as a strong economic engine during this challenging economic climate," added Lianne Marshall, Principal, Marshall Properties, Inc. "Neighbors in the area will welcome the added greenery, reduced pollutants, and elimination of abutting mill buildings that comes from the new construction of this vibrant regional retail destination."
Crossroads at 24 sits on 35 acres on the former site of Quaker Manufacturing. The property is convenient to Interstate 195 and Route 24, and located minutes from Providence, New Bedford, and Cape Cod, as well as Portsmouth, Middletown and Newport, Rhode Island. More than 250,000 people reside within a 20 minute drive of the property, making it an ideal retail destination for South Coast residents.
The front portion of Crossroads at 24 will consist of three, one story buildings, currently anticipated to be a 155,000-square-foot building, 6,400-square-foot restaurant and self-serve gas station. Meanwhile, the northern portion is planned to feature a 160,000-square-foot building that will be home to Wal-Mart Supercenter.
About First Bristol Corporation
First Bristol Corporation is a thirty-year old real estate development firm that has developed over 3.5 million square feet of office, shopping centers, and hotels throughout Southern New England.
About Marshall Properties
Marshall Properties, Inc. (MPI) is a family owned business operating for over 30 years with headquarters in Pawtucket, Rhode Island. MPI develops, owns, and manages various real estate investments, such as, commercial retail space, Class A office buildings, and storage facilities.
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