May 2, 1963 issue of the New England Real Estate Journal

Reprinted from May 2, 1963 issue of the New England Real Estate Journal

The City of New Bedford, MA is situated 56 miles south of Boston in the southwestern part of the state. A deep-water port fronting on Buzzards Bay approximately 25 miles from the western entrance to Cape Cod Canal, New Bedford gained fame a century ago when it was the home of the largest whaling fleet in the world.

With the discovery of petroleum in 1859, the sinkings by Confederate raiders during the Civil War, and finally with fleets lost in the Arctic ice, the whaling industry died, taking with it the many flourishing allied trades.

New Bedford then turned to the textile industry for its life-blood. But with the exodus of the mills to the Southern states, this city was again left economically distressed. At one time there was more vacant mill space in New Bedford than in any city of comparable size in New England.

But the nickname of New Bedford is “The City of Progress” and this is a living, working motto. This City has progressed during the years aiming towards diversification, for it is only through diversification that a truly sound economy can be reached.

Industrial: Many of the industries located in the Greater New Bedford area show the growth of diversification. A few are: States Nitewear Mfg. Co.; Revere Copper and Brass, Inc.; New Bedford Defense Products; Acushnet Process Co; Good Year Tire & Rubber Co.; Rodney Metals, Inc.; Aerovox Corp.; Quaker Oats Co.; and Titronics, Inc.

New Bedford has an 800-acre Industrial Park, which it has prepared for industrial growth. Thus far the City has invested more than $2,000,000 in the development of roads, water, sewer and utilities for the Park. There are about 600 acres of land presently available in the Park, as six firms have recently located there.

The Polaroid Corp. has just signed a three-year option to purchase 125 acres of the Industrial Park. Polaroid has future expansion plans for this land. If Polaroid purchases the land, it would join Boston Nickel Plating Co., Ind.; Nu-Era Gear Manufacturing Co., Inc.; Alberox Corp.; Farrington Business Machines Corp; Seven-Up Bottling Co.; and Trimount Plastic Company, Inc., all having located to the Park since 1959.

May 2, 1963 issue of the New England Real Estate Journal

New Bedford has two groups that work together to aid the industrial growth in the area. The Greater New Bedford Industrial Foundation, headed by Garrett Schuler, is a private, non-profit organization formed in 1955. This group owns the land of the Industrial Park. In 1955 they raised $550,000 with which they make loans to finance incoming new industry and expanding present industry. The Foundation is primarily a lending organization made up of civic-minded business, industrial and labor leaders of the area.

The New Bedford Industrial Development Commission, directed by Gerard H. Cusik, was founded in 1949 and is a City-financed commission that does the active work of searching out new industry. With the cooperation of the Foundation, the Commission is able to offer choice industrial land and packaged financing.

Harbor Development: New Bedford is fortunate in having a deep-water port and waterfront property to offer the prospective industrialist. Although in the past, in deplorable condition, the city’s waterfront has now emerged as a powerful element in the growth and progress of the area.

The Harbor Development Commission, directed by John F. Linehan, is also a City commission. It is the final goal of the Commission to give New Bedford a new waterfront, the major portion of the land being reclaimed from the sea. The cost involved in demolition, clearing, and new construction would be too large. But building bulkheads and filling behind them will cut the cost immensely and give the waterfront many fine acres for industrial growth. The Commission has been authorized by the City to raise $1,500,000 on a bond issue with which to begin the process. There are presently 9 acres of City-owned land available, and the reclaiming process will provide 19 more acres.

A hurricane dike is now under construction in the harbor to insure protection for the fishing fleet and waterfront industries. This is being built with City, Sate and Federal funds.

The new Quaker Oats Pet Food Plant site was developed on the waterfront, and the plant is now in operation. Fulham Bros. Fish Co. has located in New Bedford on Pier No. 4. Other piers have undergone renovation to clear up traffic and parking congestion. Work is well under way for preparation of the site for $1,000,000 Maritime Terminal freezer and cold storage plant.

Commercial: New Bedford has a trading area of over 50 miles and serves in winter a population of nearly a quarter million, while in the summer the population increases to exceed half a million.

There are three distinct trading centers in New Bedford. The principal center is near the heart of the City and consists of a well-built and attractive business district, with about three miles of store frontage. The south end has an extensive business section of perhaps two miles of stores, and the north end about the same. There is a total store frontage of over 6 miles and nearly 1900 retail stores. There are 137 wholesale establishments with annual sales of $45,000,000. Total wholesale and retail business annually is over $125,000,000.

May 2, 1963 issue of the New England Real Estate Journal

Growth: Activity in growing New Bedford has noticeably increased in recent years. James Mello, a local residential real estate broker, told us that approximately four years ago his sales began to show a prominent increase. He estimates that turnover on residential sales averages about one house sale a week. During March of this year, a bad month for many residential brokers, Mr. Mello sold nine houses.

Mr. Bruce Alexander, vice-president-treasurer of New Bedford Five Cents Savings Bank, believes that the first stirrings of real growth began shortly after the end of World War II. He has felt this growth in the industrial, commercial and residential mortgage activity that has increased through the years. This growth has affected the Bank by the construction of an addition to the main office as part of an expansion program.

Tibbetts Engineering Corp. has felt this growth as they work with the Harbor Development Commission, the Industrial Development Commission, the Industrial Foundation, and the Urban Development Commission.

New Bedford is creating a new image. The image of an active community that is economically stable and diversified. It is no longer the depressed area of years ago, out of touch with the country.

With the third largest airport in Massachusetts and the extension of Interstate 195 into the City, New Bedford is now opened to all markets on the Eastern seaboard. It is strategically located, has an excellent labor pool and attractive surroundings.

New Bedford has come far and will continue to grow. Because of successful diversified industries, new harbor development, cooperating management and labor force willing to better itself, and, finally, sincere planning on all levels of government and business, New Bedford is truly “The City of Progress”.