NEWPORT – A committee of the R.I. Commerce Corp. on Friday will consider a plan to create a tax increment financing program around a portion of the Newport waterfront to help finance construction of an 84-room hotel.
The $28.3 million project would place what is being described as a boutique hotel on the former site of the Newport Yachting Center on America’s Cup Avenue.
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The project, called Hammett’s Wharf Hotel, is being pursued by Hammetts Wharf LLC, which is associated with East Providence-based The Peregrine Group LLC. Another limited liability company associated with Peregrine purchased the nearly 1-acre site, at 4 Commercial Wharf, in December 2014, according to Newport property records.
The Newport Zoning Board of Appeals approved the plan for the three-story, 48,000-square-foot hotel in October, according to a report published by Newport This Week.
The mixed-use project will include 166 spaces for parking in both covered and uncovered formats, a 5,500-square-foot restaurant, 3,000-square-feet of retail and 2,485 square-feet of office space, the publication reported.
An application is pending with the R.I. Coastal Resources Management Council for the filling of a boat ramp and associated tidal waters to accommodate a storm-water treatment facility for the new development.
According to that filing, submitted by Scott’s Wharf LLC, the project proposes to include an open-air, elevated deck accessible to the public and a pedestrian path along the water to compensate for the filling of tidal waters and commercial redevelopment of the site.
The Commerce RI investment committee, which advises the full Commerce board on tax incentives, is scheduled to discuss the plan at 8:45 a.m. Friday.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
