News: Rhode Island

Quonset Business Park ramping up for a busy summer

With many advancements developing at the Quonset Business Park's front door as well as the waterfront, we have had a productive spring and are ramping up for a busy summer. One visible sign of success can be seen at the mixed-use Gateway project that serves as Quonset's entry point on Post Rd. On May 15, the grand opening ribbon cutting ceremony took place at the Gateway's third anchor store: specialty grocery retailer Dave's Marketplace. Local business leaders and politicians, including Lt. Gov. Elizabeth Roberts, state rep. Laurence Ehrhardt, and state rep. Kenneth Carter took part in the grand opening to welcome the newest anchor store to the 72.5-acre mixed-use $144 million Gateway project. The Gateway, developed by New Boston Fund, is being constructed in phases with the first phase to include retail shops, restaurants and a hotel. Dave's Marketplace is Rhode Island's largest independently owned grocery store, and its arrival at Quonset came a few months after the opening of the Lowe's home improvement store in January and Kohl's department store in October of 2008. Bob Fabiano, director of store development for Dave's Marketplace recognized cited the favorable setting as a primary reason for its decision to locate the 25,000 s/f store in the Gateway at Quonset. "The Quonset location is ideal for our new Dave's Marketplace. We look forward to serving the needs of the almost 9,000 workers that come to the business park every day. In addition, the Gateway at Quonset includes great open space for shoppers to stroll, there is direct easy access, and the combination of Kohl's and Lowe's will attract shoppers into the Gateway." Drafted along a Martha's Vineyard theme, the interior and exterior of Dave's enhances the Gateway, adding to the New England style architecture that was used in the design of the Shops at Quonset Point. In addition to the progress at Quonset's entryway, the gears are turning on the waterfront, with major new developments in the works at the Port of Davisville. The Quonset Development Corp. (QDC) is moving to have the port included in the federal Marine Highway Corridor Program. The program establishes marine corridors to transport freight and passengers via ship, barge or ferry as an alternative to utilizing congested highway infrastructure. Already the fifth busiest port among North American auto importers, the location and capabilities of the Port of Davisville offer great potential for increasing shipping activity. The U.S. Maritime Administration (MARAD) Marine Highway designation includes ports and short sea shipping lanes and provides for federal support for infrastructure improvements and incentives to encourage utilization of the Marine Highway. If the port were to receive the designation, it would mean an increase in economical options for moving goods throughout the region. And finally, The QDC and Deepwater Wind have signed a letter of intent for the lease of 117 acres to use as a staging area, assembly site and regional headquarters for an offshore wind farm facility. Deepwater says the $1.5 billion project is expected to create 800 jobs. The QDC board is expected to consider approval of a 10-year lease for three parcels in the business park that deepwater would use to assemble the more than 100 turbines it plans to install in state and federal waters off the coast. Between planning for an offshore wind farm, the intent to take advantage of the already busy Port of Davisville and the success of the Gateway with an exciting new addition, QDC continues to position the business park to provide good platforms for expanding businesses and emerging industries to create jobs and help produce economic stability. Steven King, P.E., is the managing director of the Quonset Development Corp., North Kingstown.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

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 Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

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!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

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 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

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