Commerce RI approves TIF for Newport hotel, 2 Innovation Vouchers and an Industry Cluster grant

THE R.I. COMMERCE Corp. approved tax increment financing for Hammetts Wharf LLC to develop an 80,000-square-foot mixed-use development that includes a hotel and a waterfront restaurant. Above, a rendering of the building, which is the first building on the right. / COURTESY PEREGRINE GROUP
THE R.I. COMMERCE Corp. approved tax increment financing for Hammetts Wharf LLC to develop an 80,000-square-foot mixed-use development that includes a hotel and a waterfront restaurant. Above, a rendering of the building, which is the first building on the right. / COURTESY PEREGRINE GROUP
PROVIDENCE – The R.I. Commerce Corp. board of directors and Gov. Gina M. Raimondo voted Monday evening to approve an estimated $3.5 million in tax increment financing for a new 80,000-square-foot mixed-use development in downtown Newport, including an 84-room hotel, a waterfront restaurant, storefront retail and office space. The TIF was designated for the company…
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