American Numismatic Society passes on moving to Fall River’s Bank Street armory

The City of Fall River is yet against without a tenant for the Bank Street armory. City Council President Joe Camara stated at last week’s budget hearing that “from what I understand, that interested party is no longer interested.” He was referring to the American Numismatic Society, whose leadership was considering relocating from New York City to the armory in Fall River.

The Bank Street Armory, also known as the Municipal Veterans Memorial, is a historic 128-year-old granite building in Fall River, constructed in 1897 to house the city’s volunteer militia. Designed by Boston architects Wait and Cutter with local architect Louis Destremps, the castle-like structure has served various purposes, including hosting the National Guard, Greater Fall River Re-Creation, Youth Build, and B.M.C. Durfee High School basketball games, as well as events like circuses and pro wrestling.

The city acquired the armory from the state in 1976 for $1 to use as a civic arena, but it has been shuttered since April 2015 due to structural concerns, primarily a leaning chimney caused by water damage, which was later repaired. The armory has remained largely unused since, serving mainly for storage, with repair costs estimated at $10–12 million.

Since its closure, the city has pursued multiple plans to redevelop the armory, with varying degrees of success:

1. Early Proposals (2019–2022):
   • In 2019, then-Mayor Jasiel Correia II proposed transforming the armory into a theater or hotel.
   • In 2020, Mayor Paul Coogan began negotiations with New Hampshire-based developer Brian Thibault, who had experience converting armories into arts and event centers in Pawtucket and Woonsocket, Rhode Island. Thibault withdrew in late 2022, citing overcommitment to other projects and the high cost of managing such a venue.
2. Alan Macomber’s Housing Proposal (2023):
   • In March 2023, local developer Alan Macomber of Main Street Projects, the sole bidder responding to a city request for proposals (RFP), proposed a $13.6 million project to convert the armory into 37 market-rate apartments, with 20% potentially designated as affordable units, and to redevelop a nearby U.S. Postal Service garage for parking and additional apartments. The city approved a $200,000 sale price, but the project required a two-thirds City Council vote to proceed.
   • In September 2023, the City Council voted 4-3 in favor, but the proposal failed to secure the necessary six votes due to the absence of two councilors (Leo Pelletier and Pam Laliberte) and opposition from Councilors Linda Pereira, Michelle Dionne, and Joe Camara. Pereira, a vocal opponent, advocated for preserving the armory as a city-owned cultural or event space.
   • The council tabled the proposal in August 2023, directing the administration to explore funding options, such as a $5–7 million Community Preservation Commission bond, to retain city ownership. By January 2024, the housing plan was officially rejected.
3. Historical Commission Oversight (2024):
   • In April 2024, the city shifted focus to transferring oversight of the armory to the Fall River Historical Commission to pursue restoration. Mayor Coogan allocated $35,000 from a Community Preservation Act grant to secure the building (e.g., boarding windows and improving drainage) to prevent further deterioration. The Historical Commission, in collaboration with the Fall River Preservation Society, is seeking grants and leveraging the city’s pending Certified Local Government Program designation from the National Park Service to fund repairs. The goal is to restore the armory for uses like office space or cultural events.
   • Councilor Linda Pereira and Historical Commission Chairman Jason Bouchard-Nawrocki emphasized preserving the armory as the city’s last historic property, but Mayor Coogan noted the challenge of securing over $10 million for repairs, requesting a clear funding plan.
4. American Numismatic Society Proposal (November 2024):
   • In November 2024, the American Numismatic Society (ANS), a New York City-based organization dedicated to numismatics with a collection of over 800,000 coins and artifacts, emerged as a potential tenant. ANS is considering relocating to the armory due to high operational costs in New York. Mayor Coogan reported that ANS representatives have toured the building multiple times and are working with an architect to assess plans. Coogan estimated a 50% chance of the relocation, noting it could be a “tremendous asset” to downtown Fall River. Based on City Council President’s words, ANS is no longer interested.

Challenges and Considerations

• Financial Burden: Repair costs of $10–12 million are a significant hurdle, and previous plans (e.g., arts center, housing) have been deemed financially unviable or politically contentious.
• Preservation vs. Development: Councilor Pereira and preservationists prioritize maintaining the armory’s historic integrity and public use, while developers like Macomber argue that housing is more feasible and could drive downtown vibrancy.
• Community Impact: The armory’s location near the revitalizing waterfront and downtown makes it a focal point for economic development, but critics like Alex Silva have argued that the city’s RFP process has been too narrow, limiting bidder interest.