Fall River City Council to Review Proposal That Converts Bank Street Armory into 37 apartments

Fall River Mayor Paul Coogan has approved the sale of the Bank Street Armory to a developer for $200,000 and has sent the proposal to the City Council for review at the July 18th meeting. If the sale is approved, Main Street Property, LLC intends 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 be added to the post office building.

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

Main Street Property plans to invest $13.6 million into developing the armory and has stated they would be open to designating 20% of the apartments as “affordable” but it is unknown if the City of Fall River has or will require it. Full details including diagrams can be viewed on the July 18, 2023 Fall River City Council agenda.