Mayor's message: Preserving Rocky Point Amusement Park
A collaborative effort among state, local and federal agencies to preserve the remaining 80+ acres at historic Rocky Point Amusement Park recently cleared two major hurdles. The U.S. Small Business Administration, which is the court-appointed receiver for the property, accepted the state Department of Environmental Management's offer to purchase the land for $9.65 million, and the Warwick City Council agreed to waive back taxes owed on the property as a condition of the sale.
The public enjoyed access to the site for almost 150 years until the property was closed in the mid 1990s. After that, it sat shuttered, decaying and closed to the public until, in 2007 with a combination of federal, state and municipal funds, the city purchased and subsequently restored access to 41 acres of shoreline. Final work of a one-mile walking path along the Rocky Point shore of Narragansett Bay was completed by the city this past summer with the help of many local, state and federal project partners.
The purchase of the rest of the land, which must be approved by the state properties committee and the federal court, will be paid for through a $10 million open space bond overwhelmingly approved by Rhode Island voters in 2010 after widespread support from a variety of groups dedicated to preserving the environmentally, historically, and culturally-significant property.
If the sale is approved, DEM director Janet Coit says revitalization of the property will be a collaboration among many stakeholders and partners. A public/private partnership would be envisioned to help minimize the use of resources for maximum return. A condition of the sale is that no fewer than 50 acres remain as recreation/open space/conservation purposes.
This latest development is welcome news to the thousands of residents in Rhode Island and beyond who hold fond memories of the park. We are optimistic that the sale will be approved so we can begin working with the state and other partners to restore this property, which has been such a vital part of Rhode Island's rich history and culture.
Scott Avedisian is the mayor of Warwick and the chairman of the RIPTA board of directors.
Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary