In one unit resides a Ferrari, a 1962 Corvette convertible and a Porsche 911 from the 1980s.
A few doors down, there’s a gleaming 1969 Pontiac GTO restored to its muscle car glory. It’s kept company by another 1969 Pontiac, a Firebird in showroom condition, and a 1950 BMW motorcycle.
The
Newport Car Vaults on Aquidneck Island officially opened for business in June.
The 26 vaults are billed as “luxury motorsport lifestyle garage condominiums.” But each unit could be considered a private pocket museum, where the objects on display are exquisitely preserved and extraordinarily valuable automobiles from the golden age of motoring.
Holding up to 12 cars, each unit sports a luxury lounge on a mezzanine where owners can savor their collections. Some units are equipped with granite floors, pneumatic lifts, crystal chandeliers, original art on the walls, specialty track lighting, home theaters, cigar humidors, and rare-scotch bars.
Blake Henderson is the brains behind the operation. He once ran Northeast Engineers & Consultants on the property, at 55 John Clarke Road, in Middletown. In 2014, he sold the company and converted the building into an office complex. But rents were soft on the island.
“And I was looking for a way to generate more business,” he said.
Henderson’s friends owned collectible cars that they considered appreciating assets.
“They were always complaining they couldn’t find someplace secure to store them,” he said.
He looked at his 2 acres, figured he had enough space for another building, and started looking into the economics of what was, in essence, a set of very upscale garages.
“I was in construction, I saw the sales prices of similar car condo projects in California and Florida,” Henderson said. “I did the grocery math and recognized this could be a real business here.”
He hired an architect and specified that each unit be outfitted with its own robust security system and climate controls.
Even before he had applied for the special permits, his car-collecting friends opened their checkbooks. Henderson was staggered.
“They all wanted in,” he said.
Then the COVID-19 pandemic struck. His office tenants left the complex to work from home.
The pandemic didn’t deter the car collectors. Before going to his bank, his car condos were already 70% pre-sold. Financing was not a problem.
“I also had people who needed space for 30 or 40 cars, something the size of an airplane hanger,” Henderson said. “I couldn’t help them, but the business model has worked out fantastically. We’re almost completely sold-out now.”
He knocked down his office building. He’s weighing another battery of car condos.
Car culture in Newport is exploding, Henderson said. He points to the Audraine Museum and the Newport Car Museum in Portsmouth.
“The area has become a magnet for car people over the summer. I think it will continue to grow,” he said.
Units can cost up to $850,000 each. People are prohibited from living in them. His clients visit their babies regularly.
“You have to operate them, otherwise the cars decay and they lose value. But we haven’t gotten to the point where they ask property management to drive them,” he said.
Henderson enjoys automobiles, but he’s not as monomaniacal about them as his clients.
“I never had the time to collect cars,” he said. “My first car, however, was a ’65 Ford Mustang. If I found another one in good shape, I’d buy it.”
