The Fall River Herald News reports that after obtaining a $5 million loan from BankFive, three city businessmen and partners are preparing to construct first-floor restaurants at the former Quaker Fabric headquarters and are seeking two available liquor licenses, Anthony Cordeiro said.
“All of this becomes a modern look to a 140-year-old building tied into the waterfront,” Cordeiro said. He described to the newspaper how progress on restaurants with outdoor courtyards facing the Taunton River will soon kick into high gear during the next three months.
The aim is to have one restaurant operational this summer, said Cordeiro, a city developer and insurance company owner. Commonwealth Landing Development LLC, has applied to the Licensing Board for liquor licenses. The other two partners are Alan Macomber, owner of Corky & Co. and clerk of the Fall River Office of Economic Development; and Larry Couto of LC Mechanical, also a FROED member. Cordeiro is a member of the city’s Redevelopment Authority.
The partners bought the five-story Davol Street landmark adjacent to Bicentennial Park at a June auction for $1.5 million, less than half the $4.2 million selling price.
According to their Licensing Board application, the partners want to turn the 6,700 square-foot, single-story building that extends from the main building toward the park for the larger restaurant. It would be connected to a 1,500-square-foot open patio.