News: Front Section
Posted: August 28, 2020
Downtown Development Cos., LLC completes historic renovation project
Fall River, MA Developer Anthony Cordeiro of Downtown Development Cos. LLC, has gone all-in with one of his latest projects. Cordeiro, who last year received a grant for $1.3 million from the Mass. Department of Housing and Community Development in partnership with MassHousing, has completely gutted and renovated the historic Trolley and Benjamin & Nathan Buildings and created loft style apartments to suit the needs of young working professionals and older, empty-nesters who love city living. 
According to Margaret Farrell, property manager for both buildings, “The demand for downtown Fall River apartment living has exceeded our expectations, Downtown Lofts @ Trolley Building is 100% leased.”
Currently, there only are eight one-bedroom apartments available in Downtown Lofts @ Benjamin & Nathan Building for individuals earning 80% AMI. That is a minimum gross income for an individual of $35,900 and a maximum of $45,850 for one person and a maximum of $52,400 for two people and two one-bedroom apartments for individuals earning 100% AMI. That is a minimum gross income for an individual of $44,000 and a maximum of $60,900 for one person and a maximum of $69,600 for two people.
These dog-friendly apartments offer amenities including: In-unit laundry, onsite parking, a fitness center and 24-hour emergency service.
Cordeiro, who is also one of three owners of Commonwealth Landing on Davol St., is on a mission to revitalize downtown by creating beautiful affordable spaces for the burgeoning community of young professionals or downsizers.
With new restaurants, shops and train service to Boston coming in 2023 to downtown, Cordeiro jumped at the opportunity to provide affordable housing opportunities in this blossoming location.
“Fall River has a rich, vibrant history from sawmills and gristmills, to iron works and textiles to the hardworking men and women who kept it all running,” said Cordeiro. “I’ve spent the better part of my career in this city and I want to do what I can to not only revitalize our city’s local neighborhoods but also help inspire the next generation of business professionals to do great things here.”
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
