Newport buys 5.3 acres in North End</br> from RIDOT for $1.5M

'THIS IS A WIN-WIN scenario for the State of Rhode Island and for the City of Newport,' said Gov. Donald L. Carcieri. /
'THIS IS A WIN-WIN scenario for the State of Rhode Island and for the City of Newport,' said Gov. Donald L. Carcieri. /

NEWPORT – The city has agreed to purchase a 5.34-acre North End parcel from the R.I. Department of Transportation, Gov. Donald L. Carcieri announced yesterday.
Though the sale price was $1.5 million, he added, the transaction will be worth $7.5 million to the DOT. The money will be added to the matching funds required to obtain Federal Highway Aid. Because each dollar in local funds qualifies the state to receive four in federal funds, the money will qualify the DOT for $6 million in additional federal aid.
“This is a win-win scenario for the State of Rhode Island and for the City of Newport,” Carcieri said. “With this sale and the matching federal funds, we can utilize a total of $7.5 million for DOT projects, while Newport will generate opportunities for economic development.”
The property – on the J.T. Connell Highway, in a region zoned for commercial development – was part of the right-of-way acquired by the DOT for the failed Interstate 895 project. The cross-island expressway would have provided a high-speed link between the South County region and Southeastern Massachusetts. But because the DOT had abandoned the project, the land was considered surplus.
“It’s rare for Newport to have a large tract of land open up for commercial development,” said Paige R. Bronk, planning director for the city, which already has issued a request for proposals from prospective buyers or tenants. “We look forward to the RFP process and identifying businesses that will help expand the tax base and provide jobs for our citizens.”
Additional information is available at ri.gov.

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