SURPLUS PROPERTY REDEVELOPMENT PLAN

Newport County, Rhode Island

RKG recently completed a Redevelopment Plan and Homeless Submission for approximately 225 acres of surplus Navy property in Newport County, Rhode Island for the Aquidneck Island Reuse Planning Authority (AIRPA). The Redevelopment Plan was unanimously approved by AIRPA’s Board of Directors in July.

While most military base redevelopment projects present challenges, of particular interest in this project is devising a market-based redevelopment strategy for Tank Farms One and Two located in Portsmouth, Rhode Island. The two properties are approximately 150 acres in size and contain 22 above ground and underground storage tanks built between the 1920’s and 1940’s. The tanks were used to store fuel oil, diesel fuel, jet fuel, and other petroleum products for the Navy and were decommissioned in the 1970s. The tanks are constructed of either steel or concrete and are very large – up to 1,000 feet in diameter and up to 22 feet deep with the ability to hold between 1.5 million gallons and 2.5 million gallons of product.

Working with our teaming partners, the RKG Team developed a reuse strategy to develop up to 300,000 square feet of office, light industrial and business condominiums as well as a multi-modal parking facility on 40 acres. The remaining acreage would remain as open space, or would be developed for light intensity uses, such as a solar (photovoltaic) farm.

Do you have a challenging site or project that needs a market-based solution? RKG’s team of economists, planners, real estate market analysts and financial experts can help you!