Newport’s International Yacht Restoration School broke ground today on a $7.5 million restoration of the 1831 Aquidneck Mill Building. Originally built for use in the cotton trade, the 30,000-square-foot building will house classrooms, workshops and assembly space, as well as a marine library for students and the public. Additionally, it will lease space to other organizations that support IYRS’ mission.
“The start of this restoration marks a new phase for the school,” said IYRS President Terry Nathan after the groundbreaking ceremonies. “It is not only a milestone for the school, but one for the local community as well: restoring this building helps restore this neighborhood’s link to its maritime past — and future. In addition to providing space for the school, the building will draw a new concentration of marine businesses to this neighborhood.”
Construction of the mill is expected to begin later this summer, with Newport Collaborative Architects designing the work, which will be managed by Farrar & Associates, both of Newport. The IYRS is targeting a spring 2009 opening. Funding is slated to come from the following sources: 15 percent from board of trustees gifts; 17 percent from leadership gifts; 19 percent from federal tax credits; 23 percent from Rhode Island tax credits; and the balance, 26 percent, from future fund raising.
Yacht design firm Sparkman & Stephens has committed to opening an office in the restored mill. In addition, North Sails, Boothbay Harbor Shipyard and The Museum of Yachting intend to move into the building as well.
For more information about the International Yacht Restoration School, go to www.iyrs.org.
