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Boston developer's building plan to plug big hole in
city's downtown
Downtown Keystone site development plans move forward
By Joe Cohen
Standard-Times staff writer
 NEW
BEDFORD — A Boston-based real estate firm has agreed to
buy the Union Street site of the former Keystone
Building that collapsed in 2004, was torn down and has
since left an ugly hole in the heart of downtown.
Mayor Scott W. Lang is scheduled to announce today that
an agreement has been reached with Weston Associates
Inc. to purchase the property from Denis Keohane.
The announcement is important because the site is highly
visible and, since the building was demolished, has
presented a view of a quarter-acre hole fenced off from
the street. City officials have said it is among the
least attractive aspects of the downtown.
The announcement also is important because city
officials have wanted to get a developer focused on the
site, which could serve multiple uses such as retail,
offices and apartments.
Another possible use that has been proposed in the past
for the upper floors of a new building would be
dormitory rooms for Bristol Community College
undergraduates or UMass Dartmouth graduate students.
The site is located across Union Street from the UMass
Dartmouth Star Store campus between Pleasant and
Purchase streets.
While officials expressed excitement about having closed
the deal with Weston Associates, they cautioned that it
will take time for the developer to determine a specific
plan of action, line up tenants and erect a new
building.
Officials said there are no firm plans, but they have
indicated they envision a five- to seven-story building
of 60,000 to 80,000 square feet. The site has 100 feet
of frontage on Union Street.
A new building would mark the first major construction
downtown since the Sovereign Bank building was started
more than 10 years ago. That building was completed
about eight years ago.
Mayor Lang said in a statement that the city's location,
seaport status and "sense of community" make it "the
next great growth area" in the state. "Every economic
development project has challenges, but we are committed
to working with our partners in the private sector to
ensure successful development ensues."
Sen. Mark C.W. Montigny, D-New Bedford, said state
investment in the city is "triggering major
market-driven growth and progress in the downtown area
... demonstrating that our city is a great place to
work, live and play."
Mark Donohue, the chief executive of Weston Associates,
said his firm had been looking at New Bedford for a
year. Mr. Donohue said Weston Associates in partnership
with the city wants "to build a new example of the
spirit of revitalization that is taking place." He said
his firm perceives there is "growing momentum" in the
city's economic outlook.
Weston Associates has a 30-year history of residential
and commercial development, including residential units
from Maine to South Carolina and an office tower in
Boston.
Matthew A. Morrissey, head of the city's Economic
Development Council, said, "We worked very hard on this
because of its high visibility and its anticipated
positive impact on Mayor Lang's overall economic
development agenda."
The Keystone Building site was where a three-story
building was built in 1886 and was home to Keystone
Furniture from 1914 to 1981. During the 1980s, the
building changed hands several times and fell into
disrepair, according to the city. In 2002 it was
purchased by Mr. Keohane for $190,000.
Mr. Keohane, who developed The Catwalk Bar and Grill on
Union Street, had planned to tear the building down and
build a 20-unit condominium with underground parking.
However, the roof and part of the facade collapsed on
Oct. 5, 2004, and the building was demolished shortly
after.
Contact Joe Cohen at
jcohen@s-t.com
May 02, 2008
Source URL:
http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20080502/NEWS/805020350 |
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