In another nearby thread, we've seen a comeback described for New Bedford's downtown and waterfront. Can Fall River follow the same path?
Despite the geographic similarity and the demographic similarity, New Bedford has significantly more advantages than Fall River which made a comeback possible (inevitable, really) for New Bedford while Fall River struggles in almost every category and will continue to.
For starters, New Bedford's city center was in a lot better shape than Fall Rivers, it has a plethora of cobbled streets and historic buildings. Fall River on the other hand demolished the core of the city to make room for Gov't Center and I-195. While New Bedford has route 18 along the waterfront (it DOES have crossings and is being improved), Fall River has an elevated Route 79 and the braga bridge cutting its core off from the city center.
Moreover, New Bedford has a more established downtown area. It has always had the right ingredients and just needed a little push. We've already been over the fact that it has the historic district there, but it also has a wonderful and active theater in the Zeiterion Theatre, a nice Art Museum, and the Whaling Museum. The "push" that New Bedford got was UMass locating its College of Visual Arts in a renovated building downtown as well as BCC locating class space there and a brand new Ocean Explorium. The setup and constant foot traffic made New Bedford popular for the entrepreneurs that are continuing the revival downtown. Fall River has none of that.... instead it has a downtown that's plagued by urban renewal and no staple institution that provides significant relevance in order to attract businesses. Without significant physical change (i.e. capping more of I-195 and the removal of 79), Downtown Fall River won't attract the institutions needed to stimulate change like New Bedford has.
Another reason Fall River won't rebound anytime soon is, in fact, the resurgence of New Bedford. Fall River has some freight traffic in and out of its port. However, New Bedford is the most dominant fishing port in America and it's growing in that regard. In addition, New Bedford is on the verge of acquiring hundreds of millions of federal funding in order to update its wharves and piers to become part of the American shipping highway and solidify its role in Short Sea Shipping. Fall River, on the other hand, has again done everything in its power to spurn the growth of its port by fighting against the proposal for an LNG terminal. New Bedford by revitalizing will really make a name for itself as the primary city on the Southcoast (which it really has been for a while, but it's become much more obvious now) and Fall River will continue to fall behind.
One thing Fall River will benefit from is the commuter rail coming to town. However, while New Bedford is poised to grow a LOT economically from it, I see Fall River as more of an affordable housing alternative to metro Boston than a city that will prosper as a result of the rail connection. New Bedford's large, intermodal station will be right next to the downtown, working waterfront and ferry terminals as well as local and regional buses. Fall River will have a small platform near the battleship (close to downtown) and a larger one near Davol Street (adjacent to the Highlands historic district) that will serve an area that's just about entirely residential. Fall River is poised to become a large, dense suburb while New Bedford appears to be on the verge of emerging as an important and active satellite city.
I grew up next to Fall River (in Assonet) and still have friends in that town today. I love visiting and I do like Fall River (which really does have redeeming qualities). However, I can't see a revitalization in the near future. I don't see one ever without some serious reconstruction near the core of town. New Bedford is in the midst of a renewal... not just poised to do so anymore. Fall River has a long way to go.