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February 20, 2016

United States

Texas—Investor Plans Shrimp Farm in Former Lowe’s Store

 

Dallas investor Richard Morgan plans to purchase a 143,000-square-foot Lowe’s store in Woonsocket and convert it into a shrimp farm.

 

In July 2014, Flair Diversified Properties of San Francisco, California, purchased the vacant store from SFFGA Rhode Island for $3.5 million.  In 2015, the property was assessed at $5.4 million for tax purposes, a significant drop from it’s previous estimated worth of $7.8 million.

 

Richard Morgan is reportedly hoping to complete the purchase of the property by the end of March 2016 and plans to spend millions to convert the building into an indoor shrimp farm that could bring 70 new jobs to the area.  Officials said the farm would produce some 40,000 pounds of shrimp a week and sell them to a local supermarket chain.

 

But first, the Woonsocket City Council will need to approve a zone change to allow aquaculture as a permitted use.  A resolution sponsored by Woonsocket Councilors Christopher Beauchamp and Robert Moreau would allow aquaculture and indoor farming in order to “expand opportunities for economic development.”  The council must still advertise the potential zone change for a public hearing and send the proposal before the Woonsocket Planning Board.

 

Source: Breeze.  Indoor Shrimp Farmer May Purchase Former Lowe’s Property in Woonsocket.  February 19, 2016.

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