NEWPORT – Construction on the $29 million Hammetts Wharf project began Tuesday at a ceremony attended by Gov. Gina M. Raimondo.
The building, when finished, is planned to have an 84-room boutique hotel, a 4,000-square-foot restaurant and 3,000 square feet of retail space. The project received tax increment financing on a $3.5 million loan for Hammetts Wharf LLC, approved by the R.I. Commerce Corp. in July.
“The Hammetts Wharf team is delighted to be starting in Newport this week,” said Colin Kane, partner, managing member, Hammetts Wharf LLC and founding partner of Peregrine Group LLC. “The project, which provides new public access to the waterfront, over 80 permanent jobs, and significant tax revenue to the city, is made possible by the outstanding support of Governor Raimondo, the CommerceRI professionals and city leadership.”
The TIF, which will be paid out over 10 years, was used to fill a financing project gap, according to a spokesman for CommerceRI.
“The Hammetts Wharf Hotel will be a fabulous addition to the Newport waterfront,” said Newport Mayor Harry Winthrop. “I’m very happy that Colin Kane and the Hammetts Wharf team had the confidence to invest in the great city of Newport.”
The project will be co-located on the waterfront with the Newport Yachting Center – a recent Peregrine Group project – the Mooring restuarant, the Smokehouse restaurant and the Bohlin event venue.
“We see opportunity in Rhode Island to contribute to the hospitality landscape in Newport and other communities” stated Sarah E. Eustis, CEO of Main Street Hospitality, the company that will operate the Hammetts Wharf hotel. “We feel a strong business-friendly culture and very engaged destination marketing teams. This is important for us in exploring new markets and locations. It is our belief that a great hotel can be a force for good in a community, and an important way for people to connect, both to the place and to the experience.”
“This project will be integral to the fabric of Newport – a thriving piece of this city that tourists and locals alike can enjoy year-round,” said Raimondo in a statement.
