Quonset Gateway Breaks Ground
October 29, 2007 | Print this page | Share This | Email this page
The New Boston Fund development team broke ground today on The Quonset Gateway, a mixed-use development at the 72.5-acre entryway to the Quonset Business Park. Local residents, community leaders, and elected officials who have worked to bring this project to North Kingstown celebrated the project that will create more than 2,000 jobs. The groundbreaking signifies the creation of an entryway to the park that integrates office and R&D space, pedestrian walkways and outdoor space, with amenities including a hotel and restaurants. In speeches, The Gateway was endorsed by Governor Donald L. Carcieri and Saul Kaplan of the Quonset Development Board of Directors, and the Rhode Island Economic Development Corporation. Gov. Carcieri praised the QDC and New Boston for their efforts to create a Gateway that will serve as a catalyst for continued growth at Quonset as well as an integral part of the surrounding community. "Quonset is already an important part of our state's economic engine. In fact, this business park is home to 158 companies which provide gainful employment to 8,200 Rhode Islanders. By breaking ground on the Quonset Gateway Project, we will further enable Quonset to realize its full potential," said Governor Donald L. Carcieri. "In the last five years, projects including the Gateway represent a private sector investment of $300 million in Quonset, with another $322 million in the pipeline. All of these statistics point to the fact that we are moving the Quonset business park in the right direction." According to Saul Kaplan, executive director, Rhode Island Economic Development Corporation, "This marks a significant step forward to position Quonset as an engine for job creation and economic growth. The Gateway will include 392,000 square feet of office space which will create opportunities for our state to attract and retain high-wage jobs. The impact of this private investment will be felt in Rhode Island, North Kingstown and Quonset for many years to come. The hard work and commitment of partners including New Boston, the town of North Kingstown, Statewide Planning, and the staff of both QDC and EDC, took this project from concept to reality, and we have created a vision for the Gateway that all Rhode Islanders can be proud of." New Boston's Urban Strategy America Fund, a fund that executes on the promise of a triple bottom line -- generating solid returns to investors, spurring economic development and promoting environmental sustainability -- will develop the Gateway and will invest more than $100 million of private funds in the project. There will be no public subsidy. During the construction phase the Gateway will create 1,060 construction jobs. At full build-out the development is projected to create 2,165 jobs, the majority of which will be office jobs. "We invested in the Quonset Gateway because we believe in the opportunities that it will create for businesses and for the people who live and work here," said Jerry Rappaport, Jr., president and CEO, New Boston Fund and chairman, Urban Strategy America Fund. "Our USA Fund looks for projects that will spur economic development, promote environmental sustainability and provide solid returns to our investors. Quonset is a perfect example of an ideal project for us." The Gateway, a mixed-use project, will create new office and R&D space and include community meeting space, a hotel, restaurants and retail amenities for use by park tenants and the community. The design integrates the nearby Seabee museum, chapel and walking paths while also creating a main street pedestrian environment with outdoor cafés, water features, pocket parks and a square. In addition, QDC has incorporated a sports fitness complex into the Gateway that includes recreation space for the community. About the Urban Strategy America ('USA') Fund The Urban Strategy America ('USA') Fund is a private New Boston real estate investment fund that executes on the promise of a triple bottom line- generating solid returns to investors, spurring economic development and workforce housing, and promoting environmental sustainability. About New Boston Fund New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4 billion, including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.
