The Sponsor is proposing a $28.3 million new construction of an 80,000 SF+, 4-story mixed-use project that includes 84-room hotel, 4,000 SF full service waterfront restaurant, 3,000 SF storefront retail and 1,000 SF office. The proposed project is located on a 1.7-acre site in Downtown Newport that hosted the Newport Yachting Center Concert Series until 2014. the proposed project would redevelop and activate an underutilized site on the Newport waterfront by improving public access to the waterfront, increasing hotel capacity in the city, and increasing hotel, real property and personal property taxes paid to the city.
The Corporation recommends that the Board approve the Sponsor’s request for up to $3,500,000 in Tax Increment Financing (TIF) over a term not to exceed 10 years.
The Sponsor is controlled by the principals of the Peregrine Group, a team with extensive experience in the various aspects of real estate project management including site selection, acquisition, debt/equity financing, public/private partnerships, community and stakeholder engagement, design, engineering, permitting, project management, construction, leasing and property management. As Real Estate Advisors and Project Managers, who also own, develop and manage properties, Peregrine brings a comprehensive understanding of the development process life-cycle and the challenges and opportunities that exist in every phase. Based in Rumford with satellite office in Newport and Boston, Peregrine brings a regional presence with national experience across multiple facility types.
Economic Impact Analysis