JOHNSTON – Carpionato Group LLC, which has agreed to purchase 29 Benny’s locations, announced Thursday it will redevelop the sites, giving first priority to the Rhode Island locations.
The project would involve more than $100 million in investment and result in more than 1,000 permanent jobs, according to a company release.
The figure does not include the purchase price for the 29 retail properties in Rhode Island, Massachusetts and Connecticut. A closing is expected by the end of the first quarter of 2018. Benny’s, which in the process of closing its 31 locations, announced the sale earlier this week. The purchase price has not been disclosed.
The Carpionato redevelopment would involve 14 Rhode Island locations, followed by stores in other states. The goal is to attract tenants and have the stores operational by Christmas of 2018. Carpionato is targeting a mix of national, regional and local retail stores and restaurants. It plans to upgrade the building exteriors, parking lots, drainage and address any environmental concerns that exist on sites, according to the release.
Alfred Carpionato, the company president, said he understood the importance of investing in Rhode Island, where Carpionato has a 50-year history in property development and management.
“This project will prepare these retail locations to be economic engines for the next 50 years,” he said.
Carpionato Group, based in Johnston, is one of the state’s largest developers of retail, office, multifamily and hospitality sites. Its holdings include the new Shoppes at Mayfaire in Attleboro and the Chapel View mixed-use development in Cranston.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
