NEWPORT – The Carpionato Group revealed a $100 million development plan at the Newport Grand property Tuesday.
The plan would see the former casino demolished and replaced by what the developer is calling the “Newport North End.” It would feature two six-story hotels, two six-story apartment buildings, 164,548 square feet of research and office space as well as medical, retail and restaurant space, Carpionato said in a media release Tuesday.
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The hotels would have a combined 260 rooms and would be targeted toward business travelers. The apartment buildings would be targeted for younger workers and those looking to downsize, the company said.
Retail and restaurants would comprise 120,302 square feet across multiple buildings as part of the plan and professional office space – including medical space – would occupy 80,061 square feet across multiple buildings.
The 23.58-acre site was presented as a “amenity anchor” for the Newport Resilience Innovation District, the company said.
The project has two architects, Providence-based ZDS Architecture & Interior Design, and Cordtsen Design Architecture – based in Middletown.
The project would create 250 construction jobs and an estimated 500-full-time permanent jobs, according to the company. Carpionato also estimates the development would generate $1.5 million in annual real estate tax revenue for Newport.
“Newport is seeking to create a national model for resilience and innovation that will attract new economy companies, and the people who will work there, and this project is designed to provide the amenities and infrastructure necessary to support that vision and the people working there,” said K. MacArthur Coates, president and CEO of Carpionato Group, in a statement. “Newport North End is not a tourist destination, it will not be designed as such, nor marketed to compete with Thames Street and the vibrant businesses located there. Our goal is to help Newport create the energy and vibe needed to attract these companies in the way cities known for innovation like Seattle and historic Charleston, S.C. which is an historic waterfront destination very much like Newport, have done.”
The proposed project would require a zoning amendment at the site from the Newport City Council to create a mixed use planned district for the site. It will also require approval from the R.I. Department of Transportation and the R.I. Department of Environmental Management.
The company said that there has already been extensive consultation with RIDOT and RIDEM about the proposal as well as with city officials.
The demolition of the site would begin after the completion of the permitting process.
The company said that it plans to hold community meetings on the plan beginning in the fall.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
