News: Rhode Island

Rhode Island leaders celebrate construction of new pier at Quonset - by Steven J. King

Steven J. King

Quonset welcomed federal, state and local leaders to the Business Park recently for a piledriving ceremony – the aquatic version of a groundbreaking – to mark the beginning of construction at the Port of Davisville’s Terminal 5 Pier and Blue Economy Support Docks. The initiative marks the first new pier to be built at Quonset since the Navy built Pier 2 nearly 70 years ago. 

The Terminal 5 Pier will offer specialized berthing spaces to accommodate a variety of offshore wind vessels. The Blue Economy Support Docks and boat ramp will accommodate smaller boats and the short-term docking needs of small businesses, emerging companies and research and development organizations.

The Port of Davisville is one of the Top 10 auto importers in North America and an emerging hub for offshore wind in the North Atlantic. Rhode Island’s only public port, Davisville supports more than 1,600 jobs and generates $374 million in annual economic output.

Thanks to the consistent support of our partners in government and the private sector, the Port of Davisville is booming. In the first six months of 2024, auto imports were up 51% over that same period in 2023. 39 offshore wind vessels have already called on Davisville in support of projects like Revolution Wind and South Fork.

The Terminal 5 Pier and Blue Economy Support Docks will allow the Port to keep up with rising demand while positioning Quonset – and Rhode Island – for continued growth as an offshore wind hub.

The Terminal 5 Pier and Blue Economy Support Docks are part of the Port of Davisville Master Plan, a $234 million development project that will add 50 years to the service life of the port’s infrastructure. The project is fully funded through State Fiscal Recovery Funds, allocated to Rhode Island as part of the American Rescue Plan Act. The project is expected to be completed by winter of 2025.

“Investments in Quonset are investments in Rhode Island’s future,” said governonr Dan McKee. “These new projects support the rising demand in the offshore wind industry and reaffirm Rhode Island’s position as a leader in the Blue Economy.”

Located in North Kingstown, R.I., Quonset Business Park is the region’s leading engine of job creation and economic development.  Home to over 14,000 jobs at 239 companies, including nearly one of every five manufacturing jobs in the state, the Business Park generates $1.7 billion in annual household income for R.I. families and nearly $180 million in tax revenue.

Steven J. King, PE, is the managing director of the Quonset Development Corp., North Kingstown, R.I.

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