U.S. Rep. Patrick J. Kennedy had it right – the “sheer immensity” of the plan that The Procaccianti Group unveiled last week for Newport’s North End is truly astounding. The $1.4 billion private investment price tag (which does not include needed public support for substantial infrastructure improvements) is a clear sign that the state still offers significant investment opportunities.
But while we welcome Procaccianti’s confidence in its home state, we recognize that it is still almost entirely conceptual. Only the expansion of the Newport Grand and the addition of a hotel are sure things. And at this point, that’s as it should be.
Procaccianti’s O2 project comes out of Newport’s North End Master Plan, which calls for a closer connection between that neighborhood and the rest of the city. It’s a good idea, but the just completed master plan has not even been adopted yet. So the next step for Procaccianti and Newport is to involve all the stakeholders to iron out details for a development that is achievable, minimizes disruptions, and accommodates public and private interests.
One option, suggested by Keith W. Stokes, the executive director of the Newport County Chamber of Commerce, is to create a quasi-governmental authority, such as the Capital Center Commission in Providence, to oversee the plan. We like the idea, as long as the group works under a reasonable time line. It has taken nearly two decades for Capital Center to realize its vision. In the highly competitive world of destination resorts, such a languid pace could ensure failure.