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 Hammetts Wharf LLC.
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The project, which is expected to cost $28.3 million, will be located on the 1.7-acre site that previously hosted the Newport Yachting Center Concert series.
The project will be developed by the East Providence-based Peregrine Group.
Commerce RI noted that a third-party analysis estimated the project would create 134 direct construction jobs, 84 direct ongoing jobs, $8.3 million in statewide economic output and $7.7 million in hotel, personal income, sales and business taxes over a 12-year period.
The Commerce RI board also approved two Innovation Vouchers and an Industry Cluster grant Monday evening.
Innovation Vouchers were awarded to two companies:
- American Cord & Webbing Co. of Woonsocket was awarded $50,000 to fund research and development to improve upon the quick-release, combat-readiness and fire-retardant features of its molded plastic buckle assemblies
- Pilgrim Screw Corp., based in Providence, was awarded $49,556 to continue work with the University of Rhode Island on developing a process to embed information in an existing screw product line
The Industry Cluster grant, which was for approved for $85,000, was awarded to Rhode Island Virtual Reality, a collaborative effort of business, education, health care, nonprofit and government entities to create an environment that will support the advancement of the virtual reality and augmented reality sector in Rhode Island.
Chris Bergenheim is the PBN web editor.
