Thomas MacMillan File Photo
The Board of Alders unanimously approved a plan Wednesday night that will allow the city to enter in to a land disposition and a lease agreement that will help save buildings along Fair Haven’s River Street.
In an effort to save historic parts of the city’s industrial past, the city is entering into a lease agreement with Bigelow Square, an affiliate of Capasso Restoration Inc.. The restoration company plans to go after more projects in the once bustling area that is home to several defunct factories.
Capasso already has restored a 13,200 square-foot building at 34 Lloyd St., which is part of Parcel I of the redevelopment parcels in the city’s 53-acre River Street Municipal Development Area. Alders also approved a revision of an existing land disposition agreement between the city and 34 Loyd Street Properties LLC, which is another Capasso affiliate.
The company has been operating out of the restored building since 2008, and the revised land disposition agreement would allow Capasso to expand the use o the property. The original LDA restricted the use to that of a masonry company. The amendment will allow the building to be used as artists’ studios, light manufacturing and professional offices, according to Dwight Alder Frank Douglass, who also serves as chairman of the alders Community Development Committee.
This new lease agreement would allow the city to transfer control of 198 River St., the remaining portion of Parcel I, to Bigelow Square/Capasso for restoration activities similar to those completed at 34 Lloyd St. The lease agreement would be for the annual rent of $1 until it can purchase the property after necessary environmental remediation. Douglass said the city believes that the agreement will be the best chance to save the Bigelow building.