VIDEO: $100M Investment Slated for Former Newport Grand Property - Apartments, Innovation Center

VIDEO: $100M Investment Slated for Former Newport Grand Property - Apartments, Innovation Center

The Carpionato Group today unveiled development plans for the former Newport Grand Casino property.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

The project unveiled in Newport by Carpionato’s CEO K. MacArthur Coates proposed to demolish the former Casino and create Newport North End -- a $100-million mixed-use development to serve as the amenity anchor for the Newport Resilience Innovation District

When completed the project will generate approximately $1.5 million in tax revenue to the City of Newport.

Newport North End will be the largest private development project in Newport to date, said the company.

Latest for Rhode Island Developer

Carpionato last year acquired nearly all of the former Benny’s retail location properties.

The new development will include two six-story hotels (182,604 sq. ft.) featuring a total of 260 rooms targeted to business travelers; two six-story apartment buildings (179,876 sq. ft) targeting younger workers and those seeking to downsize; as well as 164,548 square feet of innovative research and office space, as well as medical, retail and restaurant space. It is anticipated the project will create approximately 250 construction jobs, and approximately 500 full-time permanent jobs upon completion.

“Newport is seeking to create a national model for resilience and innovation that will attract new economy companies, and the people who will work there, and this project is designed to provide the amenities and infrastructure necessary to support that vision and the people working there,” said K. MacArthur Coates, President and CEO of Carpionato Group.

“Newport North End is not a tourist destination, it will not be designed as such, nor marketed to compete with Thames Street and the vibrant businesses located there. Our goal is to help Newport create the energy and vibe needed to attract these companies in the way cities known for innovation like Seattle and historic Charleston, South Carolina which is a historic waterfront destination very much like Newport, have done,” added Carpionato.

To build Newport North End, Carpionato Group will be submitting a zoning amendment to the Newport City Council to create a mixed-use planned district. The proposed mixed-use district will be restricted to the present Commercial/Industrial district in the north end of Newport and will only apply to properties that are comprised of at least 20-acres. Carpionato Group will host community meetings to gather input on the plan beginning this Fall. The project will also need approvals from RIDOT and RIDEM.

The demolition of the former casino building will begin upon completion of the permitting process.