Equipment company moving to former Lowe’s building

Equipment company moving to former Lowe’s building

WOONSOCKET – A company that sells new and used biotechnology and pharmaceutical equipment is expected to purchase the Diamond Hill Road property that once held Lowe’s Home Improvement this week, following the approval of a $450,000 in Qualified Jobs tax credit on Monday, Dec. 19 by the Rhode Island Commerce Corporation Investment Committee.

Surplus Solutions, LLC is currently based in Fall River, Mass., and plans to relocate thanks, in part, to the incentive, which aims to attract companies in a number of target industries, including biotechnology.

The company has 12 employees with plans to hire another four, with salaries averaging at more than $50,000.

According to city spokesman Blake Collins, Mayor Lisa Baldeli-Hunt has been in talks with the firm for several months, and has been working with state officials to help initiate the move.

“I think they were really attracted to the building,” said Collins. “It’s practically new.”

“We’re obviously very excited and it looks like to start the new year we’re going to have a new business,” Collins said.

The company is expected to close its current Massachusetts headquarters and move during 2017, according to the tax credit application. Collins said they are only expected to perform minor renovations on the property.

“I think they were really looking for an upgraded space,” said Collins. “It sort of fulfills their needs as is.”

Of SSLLC owner Joe D’Aalton, he added, “He’s experienced some success and I think he’s looking to grow in the city.”

The project was among $9.15 million in tax credits approved Monday night to assist three businesses that are expanding or moving to the state. The incentives are available to companies expanding their workforce in Rhode Island or relocating jobs from out of state via redeemable tax credits. Credits can equal up to $7,500 per job per year for up to 10 years, depending on the wage level and other criteria.

Commerce Corporation spokesman Matt Sheaff noted that the company does not become eligible for the redemption until the jobs are actually in place.

“It does not kick in until employees are working and generating revenue,” he said.

Sheaff noted there were several elements that made the company’s plan a good match for the credits including creation of high-paying jobs and a focus on the biotechnology and pharmaceutical industries.

SSLLC buys and sells new and used laboratory, biotech, and pharmaceutical equipment globally.

“We’re excited that they’re coming over from Massachusetts to Rhode Island,” said Sheaff.

The property at 2010 Diamond Hill Road has been vacant since 2013, when Lowe’s relocated to Dowling Village in North Smithfield. It was last sold in July of 2014 to FDP Woonsocket LLC for $3.5 million.

Comments

Great job to all involved. It is nice to see business coming back to Diamond Hill. Hopefully it will attract others to go there as well.

Now, lets get the old Middle School sold and on the tax rolls, a mixture of commercial and residential would be great.

Lets hang out the Woonsocket is open for business sign.

Happy Holidays!

What is this like the 5-6th new business in 3 years? Let's keep this ball rolling into 2017. The best thing the mayor ever did was placing herself at the helm of Economic Development. Keep up the hard work Woonsocket.

DreamTeam, let's review, shall we?

The Mayor has made no less than 3 announcements about businesses going into this location. First a Shrimp Farm. Then a Storage Facility. Now Surplus Solutions, LLC. And by the way, if Surplus Solutions, LLC does go in, the City can thank the state RI Commerce Corp., not the Mayor.

It is the same with the Walmart location. First she announced that Ardent Displays was going in, when if fact they already had a deal in East Providence and used the Mayor to get a better deal. Then the Mayor announced that a Trampoline Park was going into the Walmart Building and it would open in the Fall of 2016. Next, she announced a Storage Facility.

In short, the Mayor has announced 5 or 6 new businesses for these two locations alone. So it is understandable why you are confused - the spin is dizzying.

Sending out Press Releases is not Economic Development. The Mayor should be commended, however, for not inserting herself into this deal and instead letting the professionals at RICCIC handle.

Ollies is officially in Staples, Surplus Solutions is officially in Walmart, Trampoline Park IS opening in March, Popeye's IS opening in 2 months....

Should I keep going? Give me a break....

Did Surplus Solutions already move across the street from the old Lowes building to the old Walmart building? Cool - you can now count that as TWO new announced businesses, right?

Trampoline Park - I was referring to the one the Mayor announced was coming to the old Walmart building, not the unrelated one that is opening across the street at the old Shaws, which the Mayor was smart enough to keep her fingers out of.

Yes, Popeye's is opening in 2 months --- it has been opening in 2 months for the past 12 months.

Now what about LSI up in the Corporate Park? And how about Bank of America on Diamond Hill Road and Clinton Street? Woonsocket Glass Fabricators? Should I keep going?