City of Fall River may have found a use for the Bank Street Armory

It was learned a few days ago that the City of Fall River may have a taker on the Bank Street Armory.

First, let’s take a look back.

Mayor Paul Coogan had previously approved the sale of the Bank Street Armory to developer Alan Macomber for $200,000 and had sent the proposal to the City Council for review. In a 4-3 vote in September 2023, the City Council voted in favor of the proposal with Councilor Linda Pereira being the most vocal against the project. In addition to Pereira, Dionne, and President Joe Camara also were in opposition to the project. Councilors Pam Laliberte and Leo Pelletier were not present. Pelletier submitted a letter stating that while he didn’t prefer the project personally, it is what is in the best interest of the city. The project did not pass despite the majority being in favor as it required a two-thirds vote in the affirmative.

In late October 2023, the City Council were set to vote on the proposal again after Mayor Coogan resubmitted it with all councilors present.

With the discovery of the possibility of federal, state, and local grant money to help refurbish the building, all councilors voted to table another vote.

At January’s City Council meeting, Councilor Michelle Dionne removed the motion from the table to start the meeting, however the vote was postponed to the end of the meeting.

Only councilors Brad Kilby, Paul Hart and Laura Jean Sampson voted in favor of the sale.

Councilor Sampson expressed concern after a letter by the Historical Commission stated that the armory deed did not allow residential apartments.

Councilor Ponte felt the city may not be getting the best deal but had concerns that the city doesn’t have the funds for the upkeep.

Councilor Kilby stated that a no vote would result in the property continuing to deteriorate as the administration isn’t interested in fixing the building.

Councilor Cadime mentioned that the cost for heat and electric wouldn’t cost nearly as much as other city buildings after the roof and windows would be repaired at a cost of $600,000.

Millions in repairs would need to be made to refurbish the entire property, however, grant money could offset that price tag drastically.

Before the proposal was shot down by the council for a final time in January, Main Street Property, LLC intended to convert the armory into 37 market-rate apartments and the post office garage building nearby would provide two floors of parking for the apartments. Apartments would also have been added to the post office building.

The City of Fall River initially wanted the armory to be converted into an arts and entertainment venue, but Main Street Property had stated that concept is financially prohibitive and would negatively impact the Narrows Center nearby.

Main Street Property planned to invest $13.6 million into developing the armory and had stated they would be open to designating 20% of the apartments as “affordable”. Full details including diagrams can be viewed on the July 18, 2023 Fall River City Council agenda.

Fast forward to August.

Alexander Silva of The Preservation Society of Fall River told Fall River Reporter that his organization and The Historical Commission will make recommendations on how the property should be used, with the decision ultimately coming down to Mayor Coogan and the City Council.

Now in November, it has been learned that the American Numismatic Society has been in talks with Mayor Paul Coogan to move its operation from New York City into the Bank Street Armory in Fall River.

According to their website, ANS, founded in 1858 is “dedicated to the study and appreciation of numismatics and has assembled a permanent collection of more than 800,000 coins, monetary objects, medals, and other related items dating back to 2000 BCE. The specialized library contains approximately 100,000 books, documents, and artifacts that are among the finest of such resources. Together, they comprise one of the most extensive numismatic holdings in the world. The Society is also a global leader and innovator in the development of digital numismatic resources and is one of the largest publishers of scholarly numismatic research, enjoyed by its members, fellows, and the public at large.”

Coogan told FRC Media that he spoke with ANS and a gentleman told him some of the challenges they have and that the City could work through them.

“It would be a tremendous asset to downtown Fall River if this company would relocate from New York City.”

Coogan went on to say that the cost of ANS doing business in New York City is prohibitive and they want to move here and has been through the building two or three times, and they have an architect reviewing plans.

The mayor believes that it is about a 50/50 chance that they relocate to the Bank Street Armory and Fall River will do anything they can to encourage ANS to relocate here.