SAT Development, LLC, is proposing a ground-up construction project consisting of 24 apartments units and 2,783 rentable square feet of restaurant space, with an additional 2,000 seasonal rentable square feet. The residential units will provide central and efficient living options for predominantly singles, young couples and “empty nesters” who are attracted to the harbor-front living experience. SAT Development has an agreement in principle for the restaurant space to be occupied by local successful Rhode Island pizza chain, Providence Coal Fired Pizza (which currently has three locations in Providence, North Kingston and Westerly), bringing additional commercial activity to downtown Bristol.
SAT Development will receive up to a maximum of $995,000 in Rebuild Rhode Island Tax Credits, TIF Incentive of $600,000, and an estimated sales and use tax reimbursement of $166,270 for eligible construction and build-out costs.
SAT Development, LLC, is owned and managed by native Newporter Jim Roiter. Mr. Roiter brings to the project 30 years of experience in national real estate markets as developer, investor and financier. Previously, he was president and CEO of Prime Capital Funding, a specialty finance, private REIT, and, before that, he was the managing director of the Real Estate Finance Group at Donaldson Lufkin and Jenrette.
Economic Impact Analysis
Providence Journal: “RI Commerce OKs $9.1 million in tax credits to 2 companies, development project”
Providence Business News: “Commerce Corp. approves up to $9.1M in incentives”