MassDevelopment has announced a grant to advance the rehabilitation of a property in Fall River that will have economic impacts on commercial corridor revitalization goals.
$125,000 has been granted to RCSI Property LLC in Fall River to renovate and reconfigure its building at 10 Purchase Street.
The project will include providing new retail and service counters on the ground floor, allowing Thyme Blossom to expand into a larger space.
Thyme Blossom’s former space at 10 Purchase Street will be utilized for a new revolving kitchen concept.
The project will also include adding new retail space to the building by transforming a former bank drive-thru into an art gallery and retail shop and transforming the parking lot along Granite Street into an event space.
Additionally, the project will address issues with the building envelope by repairing the brick and windows to stop water infiltration.
MassDevelopment’s Transformative Development Initiative works with cross-sector partnerships in targeted commercial districts in Gateway Cities in order to engage community members, implement local economic development initiatives, and spur further public and private investment. Since 2015, MassDevelopment has invested $20 million in TDI districts through tools such as technical assistance, real estate investments, grant programs, and fellows who work in the districts. That investment has directly influenced over $100.2 million in public and private investments in the districts and assisted an additional $219.9 million.
Through TDI Equity Investment, MassDevelopment invests in near-term projects that activate ground-floor and commercial spaces that will have significant economic impacts within a TDI district; are consistent with Commonwealth and agency priorities; engage and build capacity in local communities and with partners; catalyze market demand and support TDI district goals; and lack other sufficient funding sources to proceed. In January 2023, MassDevelopment released a Fiscal Year 2023 Notice of Funding Availability for projects in or near TDI districts in Attleboro, Barnstable, Fall River, Holyoke, Lawrence, Lowell, Lynn, New Bedford, Pittsfield, Revere, Springfield, Taunton, and Worcester.