Luxury Marina & Resort: Rhode Island Marina Complex
Deal type: Private Equity
Industry: Real Estate
Market focus: Mixed-use land development
The Rhode Island Marina complex will be sited on prime waterfront property in Newport located approximately 3 hours from Boston by car. The area has a large professional and skilled-trades population, including boat techs making it ideal for anyone who wants to own a yacht. Original development plans included construction of condo-hotel, vacation homes, as well as dredging marina with dozens of slips. Additional plans Included sustainable solutions to minimize carbon footprint preserving the wetlands and getting property powered by solar panels and wind turbines. Status: The project has been placed on hold due to the coronavirus restrictions and requires additional funding. Environmental and financial reviews required to commence the project. The route forward will be decided within the next fiscal year after the coronavirus pandemic restrictions have been fully lifted.