New Boston Development Partners LLC, an arm of the New Boston Fund, has signed a development agreement with the Quonset Development Corporation for a 60-acre “Gateway Project” at the main entrance to Quonset Business Park.
The new “Gateway” is to include a hotel, offices and retail. Primary equity funding will come from New Boston’s Urban Strategy America (USA) Fund, according to a statement from the Boston-based real estate investment and management company.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
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“We chose New Boston because they have the right leadership to make our vision a reality,” said W. Geoffrey Grout, CEO of Quonset Development, the R.I. Economic Development Corporation subsidiary responsible for managing the North Kingstown industrial park. “New Boston has the financial strength and flexibility to execute the project: a sophisticated in-house development team … a demonstrated commitment to the community and its historic import, and an outstanding regional and national reputation for integrity and results,” Grout said.
This is the first USA Fund investment in Rhode Island, New Boston said. The fund seeks to invest in real estate “that not only maximizes profitability and reduces risk for our investors and partners, but also creates housing, jobs and needed amenities to stimulate economic development and enhance the quality of life within the communities we invest in,” according to the fund’s Web site.
Town Council President Anthony F. Miccolis Jr., a member of the board of Quonset Development, said New Boston’s involvement “is the first step in fulfilling the town and QDC’s vision of creating new jobs and a vibrant, world-class business park.”
The 3,000-acre-plus industrial park, a former Navy base, currently houses 150 companies, with 6,600 employees in all – a number projected to grow to 18,000 at full buildout. Millions of state and federal dollars have been spent on infrastructure for the park, capitalizing on its deep-water port, freight rail and highway access.
“A project of this status represents the ability to help a valued partner achieve their dream,” said Jerry Rappaport, Jr., president of the New Boston Fund and chairman of the USA Fund. New Boston already has begun efforts to attract tenants and develop Phase I of the project.
Added Jerry Pucillo, New Boston Fund’s senior vice president and project executive: “We are enthusiastic about the opportunity to be part of the positive growth and development of the Quonset Business Park.”
