New Bedford, Massachusetts - Weston Associates, Inc., a Boston-based real estate firm signed an agreement to acquire the site of the former “Keystone Building” a significant piece of downtown New Bedford real estate, located on Union Street between Purchase and Pleasant Streets.  Weston Associates, Inc., signed the purchase and sale agreement earlier this week with property owner, Dennis Keohane. 

Mayor Scott W. Lang said, “While the national economy is very difficult, the City of New Bedford clearly has tremendous investment value.  Our location, our status as the number one seaport, and our strong sense of community, make New Bedford the next great growth area in the Commonwealth of Massachusetts.  Every economic development project has real challenges, but we are committed to working with our partners in the private sector to ensure successful development ensues.” 

Over the last 30 years, Weston Associates has developed and rehabilitated several thousand residential units from Maine to South Carolina, and recently developed a 500,000 square foot, $175 million office tower at 131 Dartmouth Street in Boston’s Back Bay.    

“We have been actively looking at New Bedford for the last year and are enthused about its direction. The development proposal to build a new building Downtown will be another sign of the firm belief of private capital and in the growing momentum that the Mayor and his economic development team are building. We look forward to a partnership with the City of New Bedford to build a new example of the spirit of revitalization that is taking place under the leadership of Mayor Lang,” said Mark Donohue, CEO, Weston Associates.  

"State investments in New Bedford's arts, culture, history and tourism sectors are triggering major market driven growth and progress in the downtown area. New Bedford has become a target for crucial private investments, demonstrating that our city is a great place to work, live and play," said Senator Mark Montigny, Chairman of the state capital expenditure committee.

The site’s owner, Denis Keohane who developed the Catwalk Bar and Grill, a restaurant located on Union Street in Downtown said, “I am excited about having a role in moving the city forward.   I look forward to assisting the Weston team, the City and the Economic Development Council to move the project forward,” Mr. Keohane said.

The quarter-acre site with 100-feet of frontage offers great opportunities for economic development in the downtown business district.  New construction that blends with the existing streetscape will once again restore a block of Union Street.

Conceptual plans for the property are currently in development.

Executive Director of the New Bedford Economic Development Council, Matthew A. Morrissey said, “Investments like this continue to demonstrate that New Bedford is an attractive place to do business. We look forward to working with the development team on a successful redevelopment project that promises to add vitality to the area.”

About Weston Associates:

Over the past three decades, Weston Associates, Inc. has developed and rehabilitated several thousand residential units from Maine to South Carolina. More recently, Weston, developed a half a million square foot $175M office tower at 131 Dartmouth Street Boston’s Back Bay.  After a lengthy approval process, Weston is preparing for a 2009 groundbreaking on Basilica Court, a 229-unit residential complex behind Boston's Mission Church.  The firm continues to actively pursue development opportunities throughout New England.

About the Keystone site:

The property is referred to as the Keystone Building site where an historic 1886 three-story brick building once stood. This building was the home of Keystone Furniture from 1914 to 1981.

During the 1980’s the building changed hands several times throughout and fell into disrepair.  In 2002, Mr. Keohane purchased the building for $190,000 with the intention of demolishing the structure and constructing a 20-unit condominium development with underground parking on the site.

In the early morning hours of October 5th 2004, the roof and third story façade crashed onto Union Street. The remaining structure was completely demolished within days of the collapse and the vacant lot has remained a “missing tooth” on Union Street ever since.

Elizabeth Treadup (Mayor's Office)

View all articles by Elizabeth Treadup (Mayor's Office)