Warwick developer, partners awarded Rocky Point rights

WARWICK – The U.S. Small Business Administration announced that the Rocky Point coastal property has been awarded – by a U.S. District Court order – to Warwick developer Nicholas Cambio.
With partners from Tampa, Fla., Cambio’s Atlantic American Rocky Point Partners LLC will pay $17,161,000 for 83 acres of the 124-acre parcel. The remaining 41 acres are set to be purchased by the City of Warwick for $4.4 million.
“Under this agreement, the principals here will have to close on or before March 28,” SBA District Director Mark Hayward said at a Dec. 20 press conference. The SBA had been court-appointed receiver for the parcel.
Prior to the announced agreement, an over-the-phone auction took place for the property.
The property has been unused since owners Moneta Capital Corp. declared bankruptcy and closed Rocky Point Park in 1995. Warwick Planning Director Mark Carruolo said the city plans to make the 41-acre coastal property a public park.