Carpionato Announces $100M Redevelopment Of Former Newport Grand

NEWPORT, RI — Since Newport Grand closed its doors a little less than a year ago, the property has sat empty, leaving local residents wondering what would take its place. The building sits on prime real estate just feet away from the bridge centrally located to those headed onto the island. On Tuesday, the site's new owners, the Carpionato Group, announced a completely makeover of the site through a $100 million redevelopment that, when completed, will feature hotels, apartment and stores.

The multi-use development is designed to create its own traffic, rather than simply feeding off of the already-bustling tourist economy in downtown, said Kelly Coates, Carpionato's CEO.

"This is one of the most recognizable buildings on the island," Coates said, saying the company has been looking forward to revitalizing the site since they purchased it last year.

Newport Grand closed its doors to the public on August 28, 2018, when its gaming license was transferred to the new Twin River casino in Tiverton, The Providence Journal reported.

One of the main goals of the development will be to create demand to visit Aquidneck Island in the off-season, Coates said, generally a very quiet time compared to the hectic summer months. To do so, the area will be designed to keep people on site, rather than simply be a place to sleep, through amenities including shops, restaurants, rooftop seating and activities and hotels with spas.

When completed, the development's footprint will be approximately 520,000 square feet, Coates said which will encompass two hotels, two six-story apartment buildings, 65,000 square feet of retails shops and parking. To take advantage of the land's proximity to the Newport Bridge and the Narragansett Bay, nearly all buildings will have rooftop elements.

"I think of it kind of like Disneyland, but this is no fairy tale," Coates said. "It's like Beauty and the Beast. Right now, it's definitely the beast."

To keep with the style of historic Newport, the area's architecture will in many ways mirror that of downtown, with light color palettes and airy architecture. The entrance to the new development will be on what is now Halsey Street, the small, unassuming road that currently leads to the Newport waste management facilities. It will be remade into a boulevard, Coates said, to better funnel traffic.

The full press conference can be watched via What's Up Newp below.