REAL ESTATE MARKET ANALYSIS

MIDDLETOWN, RHODE ISLAND

At the corner of the highly visible and well traveled intersection of West Main and Coddington, in Middletown, RI, is the site of the former Navy Lodge facility in Middletown. The Town desired to combine this parcel with adjacent public lands in order to assemble a keystone 15-acre redevelopment site within the broader West Main and Codington Development Center Plan. Potential redevelopment of the assembled site needed to reflect prevailing real estate supply and demand indicators, be respectful of the community’s desires and inputs, as well as co-ordinate with other surplus Naval land in neighboring Portsmouth and Newport.

RKG worked as a sub-consultant, with Vanasse Hangen Brustlin, Inc. (VHB), to prepare a real estate study identifying viable market reuse opportunities for the site. In addition to completing an analysis of supply and demand indicators, RKG worked closely with Town officials in soliciting their input, as well as that of the citizenry-at-large. Considering market indicators and locational attributes, retail or other consumer driven uses were considered the most viable, from the market’s perspective. However, community desires and existing uses of the site (as assembled) indicated other more mixed-use opportunities, with some civic or communal use, would be the most desired.

The redevelopment plan for the former Navy Lodge property was endorsed by the Middletown’s Planning Board and Town Council and was unanimously approved by the Aquidneck Island Redevelopment Planning Authority (AIRPA). With the approved plan in place, the Town and AIRPA can now negotiate the transfer of the property from the Navy for redevelopment.