With the possibility of a resort-style casino coming to East Boston a Fall River based developer has purchased a large swath of land on McClellan Highway less than a mile from Suffolk Downs.
First Bristol Corp., known for the development of Hotels and high-end residential units in Massachusetts, Rhode Island and Connecticut recently purchased 415 McClellan Hwy. for $3.75 million.
The 6.2 acre parcel was bought from Sawyer Enterprises, the Boston firm that owns the W Hotel and Residences in the Theater District and is located on the corner of McClellan Highway and Boardman Street.
It is unclear what First Bristol Corporation plans to do with the site but and its CEO James Karam is remaining tight lipped about future plans for 415 McClellan Hwy. Karam did not return the East Boston Times’ request for a comment.
However, First Bristol has compiled an impressive portfolio that includes retail shopping plazas, professional office building like the Bank of America and GE buildings in Warwick, R.I., hotels like the Marriott Residence Inn in Middletown, R.I. which was ranked the number one hotel by Trip Advisor and residential developments that have helped spur a resurgence of Fall River.
While many would assume automatically that First Bristol would be leaning towards a hospitality venture at the site to handle any spill over of guests visiting a possible casino at Suffolk Downs, some in the community wonder if a mixed residential and retail development may better serve the community.
State Representative Carlo Basile said he would favor either just as long as it creates jobs.
“I think there is a great opportunity at the site to have good construction jobs as well as long-term permanent jobs,” said Basile. “Whether it’s a hotel, residential or retail I’d like to see something go there because it has been a blight in the community for too long.”
According to its website, First Bristol Corp prides itself on “developing successful real estate is a complex undertaking that requires a skilled and experienced management team with the insight and knowledge necessary to make the right decisions along the critical path to completion.”
In business for over 30 years the development firm boasts that it has a depth of knowledge concerning local regulations, permits and procedures, which allows “fast track processing”.
With that said, First Bristol Corp executives have yet to met with local leaders on their intentions and could be surprised at how slow things may go if the neighborhood does not support future plans for the site.