It took nearly 20 years for the design, permitting and build-out of a 16-condomium development on Newport Harbor, but developers of the Residences at Brown & Howard Wharf and Marina are finally reaping the rewards.
Before the project’s official opening this month, Stonestreet Corp. LLC, the Providence-based developer, reported that the four of the condos were already under contract. Three more had pending contracts, said Stacie Mills, vice president of sales and marketing. And, after the official opening on June 21, she said there were about 40 people with “varying degrees of interest.”
“Surprisingly, I’d say 60 percent are in state – they’re either going to sell something here or they own something else in Rhode Island” and will use this as a second home, Mills said. “But for three of those [who have entered contracts] this will be their primary residence.”
The first residents will move in during July. The last of the three four-story buildings in the development will be completed by October, making all 16 units available.
In three buildings named after America’s Cup yachts – Courageous, Intrepid and Freedom – the condos run from 2,200 to 3,700 square feet, averaging 2,900 square feet, Mills said.
“We have two design interior packages that people can see right now,” she said, adding that many will likely customize their units. “The model has a walnut floor throughout, which is laid in and then finished on site, and it has high-quality, Dutch-made cabinetry, which is maple with a chocolate wash. It’s the very latest, we hear. … The other type of residence has a white oak – we call it a transitional, it’s sort of a soft, contemporary style.”
The condos are priced between $1.95 million and $3.7 million, Mills said. The lowest-priced unit is still available – it’s 2,600 square feet. The highest-priced unit has been taken. The most expensive condo still for sale is a three-bedroom, 2,843-square-foot unit that’s $2.75 million, Mills said.
The property includes 1,500 linear feet of docking – large enough to handle mega yachts up to 250 feet – and 10,250 square feet of retail space. The dock space will allow every resident a spot for a “preferred rate,” according to Stonestreet.
Originally designed for Paolino Properties by Boston’s Bergmeyer Architects, the buildings were planned with a “traditional New England, seaside feel, with the clapboard siding and white trim,” Mills said. “The way the balconies wrap around the building, you almost feel like you’re on a mega yacht, because you’re right on the harbor.”
After nearly 15 years Paolino sold the development to Stonestreet in 2007. For the project, gaining needed state and city approval took more than 10 years due to the tight restrictions for building on the water, Mills said. When Stonestreet bought the project, the frame was being raised.
Stonestreet is a full-service construction and management firm, with a three divisions – Stonestreet Construction LLC, Stonestreet Development Company and Stonestreet Hospitality Company.
For this project, the firm hired Newport Collaborative Architects Inc. to make a few changes. “They worked in collaboration with Bergmeyer on some changes in the interior,” Mills said. “The original plan didn’t call for enclosed parking – which the residences do have now – or for individual storage.”
Inside, there are fireplaces, rounded corners, columns, air-bubble tubs, steam showers, and a lot of “architectural pop,” Mills said. •
