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TIF board recommends 460 Globe Street mill conversion; approval contingent on buyer
Summary
The Fall River City TIF Board voted 4-0 to recommend a 10-year tax-increment agreement for the conversion of the historic Globe Street Mill at 460 Globe Street into 89 market-rate apartments, with the recommendation contingent on Masscan Capital completing purchase of the property.
The Fall River City Tax Increment Financing (TIF) Board on April 8 voted 4-0 to recommend a tax-increment financing agreement for the conversion of the former Globe Street Mill at 460 Globe Street into 89 market-rate rental units, with the board making its recommendation contingent on Masscan Capital LLC acquiring the property.
The board’s recommendation covers a 10-year TIF with an 80% exemption for the first five years and a 20% exemption for years six through ten. The developer, Masscan Capital, described the proposal as an adaptive reuse of a historically designated mill building and said it would bring market-rate rental housing and significant private investment to the neighborhood. "We are proposing to convert this building ... this historic complex goes back to about 1882," said Ed Hamzon Lu, principal at Masscan Capital. He told the board the building is currently underutilized and needs repairs to return to productive use.
Under the proposal the project would deliver 89 market-rate units: 4 studios, 57 one-bedroom units and 28 two-bedroom units. Rents cited by the developer were $1,008.75 for studios, $2,002.35 for one-bedroom units and $2,005.50 for two-bedroom units. The developer said the total development cost would be about $39,000,000. "We are going to use all the technology that is financially, economically feasible for this project," Hamzon Lu said, adding the team is exploring geothermal and other electric heat-pump technologies and solar to reduce building energy needs.
City staff told the board the vote should be conditioned on the developer completing purchase of the site; Masscan has a purchase-and-sale agreement but had not closed at the time of the meeting. The board’s formal motion recommended approval of the 460 Globe Street tax-increment agreement to the City Council contingent upon Masscan Capital LLC’s acquisition of the subject property.
Roll call on the motion recorded four yes votes: Councilor Sean Kadeem (participating remotely), Linda Perera, Richard Gonzales and Mayor Coogan. The recommendation now goes to the City Council for its consideration; the TIF board’s approval is a recommendation and, per the board motion, is expressly contingent on the property acquisition.
The developer thanked the board after the vote; the item was then closed and the board moved to the next agenda item.
