... O’Neill Properties Group announced it has closed on $14.1 million in financing to acquire Hood Marina, 44.5 acres of picturesque waterfront property on Aquidneck Island, plus 100 acres out into the cove itself. With the acquisition complete, O’Neill can move forward with plans to develop The Newport Club, a 1,495-slip marina with retail shops, restaurants, residences, and marine-related support facilities.

O’Neill Properties secured financing through HSBC Bank USA, N. A. and the Arsenal Fund. HSBC Group is one of the largest banking and financial services organizations in the world, with well-established businesses in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.

“The Newport Club is a unique project that will transform the west side of Aquidneck Island, and this financing brings us one step closer to that dream,” says Brian O’Neill, Founder and Chairman of O’Neill Properties Group. “This is a rare opportunity to develop something that’s perfectly in line with the community’s vision. We couldn’t have accomplished this without our solid relationship with HSBC and the Arsenal Fund.”

Since beginning operations on the Island in 2004, O’Neill Properties Group has quickly become the Island’s largest investor announcing projects totaling close to $1 billion that will create over 1,200 new jobs over the next 10 years. During that time, the company has also contributed more than $200,000 to local charities and non-profit groups.

When complete, The Newport Club will boast as many as 1,495 slips ranging up to 500 feet, allowing large boat owners to dock in New England. Newport, R.I., just a few miles from Portsmouth, is a prime embarkation point for cruise lines and charter ships sailing from the Atlantic Ocean to the Caribbean Sea. The Newport Club is expected to draw more megayacht traffic to the region, infuse the local economy with $1 billion in sales, and create up to 4,000 jobs in New England’s boat-building industry...

...“The Newport Club was a chance for us to get in on the ground level on what’s sure to become a landmark for Aquidneck Island, and for yachters from around the world,” says Jonathan Schneider, Vice President of Commercial Real Estate with HSBC Bank USA, N. A. “O’Neill Properties has the potential to create the East Coast marina destination, and we’re confident that with Brian O’Neill’s vision behind it, The Newport Club will be all that and more.”...

Pretty cold country up that way...

Any new news about this ????

This is said to be a ten year time line project. What up dates are you interested in?

Could be a mess if they allow the LNG terminal in Somerset/Fall River as the security could make travel in Narragansett Bay a nightmare.

When this marina is built it will allow access to Newport RI waterfront which is an excellent destination. We usually go to Newport by car as the entrance to the bay can be scary at times if the wind is opposite the current. You can go down to the waterfront in Newport and see private pleasure boats as big as 300+feet and they are from all over the world.... very cool.
Check out the Newport Mansions here.
http://www.newportmansions.org/

Cool mansions

Newport RI is beautiful. I travel to there for work several times a year. Much nicer in the spring and summer than fall or winter!

This post started in March 2007. I wonder how the project is moving along given the current state of affairs.