NEWPORT – The Carpionato Group LLC has purchased the Newport Grand Casino property for $10,150,000, according to Newport records, with plans to transform the site into a mix of retail, restaurants, office and hospitality space.
The property sale, announced Wednesday, involves a 23.5-acre site. The Newport Grand casino, owned and operated by Twin River Management Group, will continue to remain open until a new $140 million casino is completed in Tiverton, expected later this year.
The Newport Grand site last sold for $15.2 million in July 2015, according to city property records. The most recent sale closed on Tuesday. The property record lists the deed as being transferred to Admiral Newport LLC, in care of the Carpionato Group.
In a statement, Alfred Carpionato, chairman and CEO of the Cranston-based Carpionato Group, described the purchase as a “once-in-a-generation” opportunity to reimagine the property as the gateway into Newport.
“I am looking forward to creating jobs, economic growth and a destination truly special for both residents and visitors arriving to our historic and magnificent community,” Carpionato said.
Located at 150 Admiral Kalbfus Road, the Newport Grand property is visible from the exit of the Newport Pell Bridge.
The building on the site, which originally opened in 1976 as a Jai Alai fronton, later was transformed into a slots facility, and then a casino. It wasn’t immediately clear whether the Carpionato Group plans to raze the structure, although the press release describes the plan ahead as a redevelopment.
“When completed, this redevelopment will enhance the area’s connectivity, safety, bring together pedestrians, bikes and vehicles while creating a link to the north end of Newport that fits with the city’s comprehensive plan for mixed-use development,” said Joe Pierik, vice president of retail leasing and acquisitions for Carpionato.
Kelly Coates, president and COO of the Carpionato Group, said the price difference between the prior sale and Tuesday’s reflected the different nature of the transaction.
Twin River had requested final, best offers from entities interested in purchasing the property, according to Coates. It was no longer going to be an active casino, as well, which reflected the prior value.
The Carpionato Group was among three parties interested in the site, Coates said.
As for the building, no final determination has been made as to whether it’s going to be razed. Likewise, the development team hasn’t approached the city about redevelopment incentives.
“We are just at the beginning of the outreach,” he said.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
