COURTNEY PALM, RILEYES ARE TAKING CARE OF LAND (Reuters: Steve Parsons) The New York Times reports that the island’s government and private-equity firm, Colony Capital, have hired a consulting firm to advise them on the redevelopment of the island, in partnership with the developer RRI.
The government and company have been working on a plan that would see more than 1,000 homes and office space added to the island over the next five years.
They are expected to begin construction in late 2018.
The company is known for the construction of RIDGE PARK, a new luxury condominium development, but it also has worked on a number of other projects in the US.
There are currently six residential buildings on the island.
A number of the new buildings have been earmarked for the island community of Newport, in Rhode Island, the US state where the island is situated.
(Reuters) The city of Newport has long been keen to see the island develop, and its mayor has previously stated that the area would be able to support more than 100,000 people, if the city was able to approve the development.
The development of the islands own waterfront was also part of a $2.2 billion plan to turn the island into a tourist destination and tourist attraction.