Urban Strategy Fund : A new Boston Real Estate Fund

Major Mixed-Use Development Unveiled at Quonset


$80 Million Dollar Investment to Generate Over a Thousand Jobs

 

10/6/06

 

Today, Rhode Island Governor Donald L. Carcieri joined the New Boston Fund and Quonset Development Corporation to unveil the conceptual plans for the first phase of an $80 million master development. This first phase, The Shops at Quonset Point, will serve as the gateway to the thriving Quonset business park and will create over 450 construction jobs and over 750 permanent jobs for Rhode Islanders.


The Shops at Quonset Point is designed to provide amenities to the park and the community. The over 450,000 square foot first phase, contemplates the inclusion of a limited service hotel, a visitor’s center, local grocer, drug store, coffee shop, restaurants, a bank, small shops, and two anchor stores. Interest in the project has been robust, with over 65 percent of the retail space in advance negotiations with potential tenants. Special outreach is underway to provide an opportunity for local retailers who might wish to have their businesses in the new center.


"We have made tremendous progress towards transforming Quonset into one of the nation's premier business and industrial parks and making it a center for job growth. With The Shops at Quonset Point, we are also realizing its retail potential," Governor Carcieri said. "This will be a fantastic gateway for the Quonset Business Park. Not only will The Shops at Quonset Point reflect this area's proud history, but it will serve as a model for other developers who wish to incorporate sustainable elements in their projects."


New Boston’s design strives to create a unique pedestrian shopping experience that has minimal impact on the environment and maximum awareness of the context and history of the area by referencing the historic culture and architectural elements found at Quonset. The development team has been working with the Seabee Museum and Memorial Park proponents and is committed to incorporating this important civic attraction into the overall development.


“The Shops at Quonset Point represents the power of the Urban Strategy America (USA) Fund’s equity and our development experts to work together with visionary public partners to transform communities,” said Jerry Rappaport, Jr. president of New Boston Fund and Chairman of the USA Fund. “This significant project will celebrate the heroic contributions of Seabee engineers while meeting our goals of creating returns for investors, promoting economic development and following green design practices.”


The design incorporates innovative sustainable elements such as use of recycled materials, permeable pavement, and other low impact strategies.


“New Boston has a commitment to promoting low impact, progressive development and we are working with our design team to ensure that The Shops at Quonset Point incorporates environmentally sustainable strategies,” said Jerry Pucillo, Senior Vice President New Boston Development Partners, New Boston Fund’s development arm.

“We will look to incorporate natural light, native plants, and land planning strategies to manage water runoff on this site.”


Primary equity funding for this new venture will come from New Boston Fund’s Urban Strategy America (USA) Fund. This triple-bottom line fund works to bring returns to investors, promote economic development, and ensure environmental sustainability. With an anticipated Spring groundbreaking, the project has already completed the first phase of the QDC design review process.


“It is a great vote of confidence in the Quonset Business Park that, not only are we able to partner with New Boston, but that retailers of national significance also believe in the continued success of Quonset and want to be part of Quonset’s Gateway,” said W. Geoffrey Grout, CEO Quonset Development Corporation.


The Quonset Business Park in North Kingstown, Rhode Island, built on a former Navy base, is ideally located in the center of New England’s business district and offers inter-model access by highway, rail, air and ocean. With hundreds of millions of federal and state dollars already invested in infrastructure improvements, the Business Park currently houses 150 companies with 6600 employees - a number that will grow to 18,000 at full build-out.

 

About New Boston Fund

New Boston Fund is a privately held real estate investment and development company led by seasoned real estate practitioners and known for its exceptional returns for investors. New Boston has developed or acquired commercial and residential properties with a cumulative market value of over $3.3 billion including 19 million square feet of commercial real estate and 5,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban strategy real estate funds. The New Boston Fund: People, Values, Returns.


About The Quonset Development Corporation

The Quonset Development Corporation (QDC) is a special purpose subsidiary of the Rhode Island Economic Development Corporation, a quasi public company, responsible for the development and management of the 3000+ acre Quonset Business Park. QDC develops and manages the Quonset Business Park in accordance with the QDC Master Plan and in the best interests of the citizens of Rhode Island to attract and retain successful businesses that provide high quality jobs. 

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