Fall River Considers Sale of Pearl Street Garage
The city is evaluating a $1.05 million offer for the garage to avoid millions in necessary repair costs.
Updated on Oct. 31, 2026 in Commercial
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The Fall River City Council is reviewing a proposal to sell the Pearl Street parking garage to current leaseholder James Karam for $1.05 million. The facility, which currently has only 219 of its 374 spaces operational, faces more than $5 million in necessary repairs.
Why it matters
Selling the structure could allow the city to shed the burden of $400,000 in annual repair costs while addressing a facility that may face total closure within five years. The current long-term lease, which runs through 2043, limits the city's ability to generate revenue from the property.
The garage holds 374 total spaces with 219 currently usable, according to recent municipal findings. The property has an as-is appraisal of $2.6 million, while the city administration had initially suggested a minimum sale price of $1.4 million.
The players
James Karam
The current leaseholder of the Pearl Street garage who has offered to purchase the facility for $1.05 million.
Fall River City Council
The municipal legislative body responsible for reviewing property sales and managing the city's real estate assets.
The details
The city regained ownership of the Pearl Street garage in 2019, inheriting a structure that requires over $5 million in deferred maintenance. Maintaining the garage would cost the city nearly $400,000 annually, a figure the administration argues is unsustainable given the existing lease terms. If no action is taken, officials project the facility will reach a point of complete failure within five years.
Timeline
2013: The lease with James Karam was signed.
2019: The city regained ownership of the garage from the Fall River Redevelopment Authority.
October 2026: The City Council discussed the garage sale proposal.
The Home Front
This proposal reflects a growing trend of cities attempting to divest from underperforming or high-maintenance commercial assets identified in recent infrastructure audits. It follows the findings of the 2024 downtown parking study and highlights the fiscal challenges of managing aging municipal parking.
Residents who regularly use downtown parking should monitor upcoming City Council sessions for potential changes to space availability. As the proposal remains in committee, you should check official municipal meeting notices if you currently hold a permit or pass for this location.
The takeaway
The city's attempt to offload this garage underscores the high cost of maintaining legacy infrastructure with restrictive long-term leases. Residents should look for updates from the Committee on Real Estate to see if local parking capacity will be affected by a potential sale or transfer.
Further reading
For more on municipal property management, see Commercial.
Source note: This article includes information reported by Fall River Reporter.
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