Source: This post is based on reporting by The Herald News. Read the original article here.
A transformative chapter in Fall River’s history is moving closer to reality. Three developers have submitted bids for the chance to build a brand-new mixed-use neighborhood on 20 acres of prime waterfront land along the Route 79/Davol Street corridor — land made available after the demolition of a stretch of elevated highway that long divided the city from its waterfront.
The Massachusetts Department of Transportation opened the bidding process in July, with an October 21st deadline for proposals. Three contenders have stepped forward:
The Cordeiro Group — the only locally based developer in the running — submitted a bid of $10,340,500. The Michaels Organization, a national real estate firm managing $12 billion in assets and more than 59,000 housing units nationwide, bid $15,220,000. A partnership between Mark Development and Wood Partners came in at $13,968,000.
MassDOT has indicated it is seeking a new mixed-use neighborhood of apartment buildings, commercial spaces, and public amenities — built from scratch between Fall River’s new MBTA Commuter Rail station and the waterfront, bringing up to 1,500 new market-rate housing units to the city. The state plans to award the entire project to a single developer, who may then subcontract portions of the work.
The winning bid will be selected based on both price and alignment with established requirements, including financial experience and adherence to the city’s master plan for the area — a plan shaped by the Fall River Redevelopment Authority, city planning director Dan Aguiar, consulting firm Stantec, and economic development consultant Ken Fiola.
As the only Fall River–based bidder, The Cordeiro Group brings a distinctly local perspective to the table. Tony Cordeiro, who owns and operates the firm with his family, has been one of the city’s most active developers in recent years, managing over $130 million in real estate assets in Fall River — including Downtown Lofts, a growing collection of upscale apartment buildings in the city’s urban core.
“As the only locally based developer to submit a bid proposal, The Cordeiro Group approached this opportunity with a clear understanding of what’s at stake for Fall River and its future,” Cordeiro said in a statement to The Herald News. “Our proposal was intentionally created to align with the City’s 2024 Master Plan and its vision for the waterfront, reflecting years of planning and community input.”
Cordeiro added: “We know this city, we believe in its potential and we recognize how important the Rt. 79/Davol Street corridor is to its long-term economic vitality. We strongly believe the value of this opportunity should be measured by how successfully the development matches the community’s vision and serves Fall River for generations to come.”
MassDOT says it plans to select a winning bidder “as soon as practicable.” While the specific details of each proposal are not yet public, the decision will mark a turning point for a city that has long looked toward its waterfront as an engine for growth.
