NEWPORT, R.I. (WPRI) — Real estate development company Carpionato Group now owns the Newport Grand property.
The Rhode-Island based developer announced Wednesday it had closed its purchase of the property from Twin River, which is moving the casino to Tiverton.
Carpionato Group Chairman and CEO Alfred Carpionato said in a news release that he wanted to “creatively reimagine” the property on Admiral Kalbfus Road “as the gateway into Newport.”
“I am looking forward to creating jobs, economic growth and a destination truly special for both residents and visitors,” Carpionato said.
“We are committed to actively working with the community and all key area stakeholders over the coming months to seek their input on how we can best reimagine this property to create a signature place that offers hospitality, restaurants, retail and innovative office space while spurring economic development on the island,” Carpionato President and COO Kelly Coates said.
The Newport Grand property is the latest in a number of major property acquisitions by the Carpionato Group. It recently purchased most of the former Benny’s store locations.
Twin River said it would continue to operate Newport Grand until the Tiverton casino opens in late summer or early fall.