QUONSET, R.I. – Quonset Development Corporation (QDC) and Moran Properties today announced the development of over 140 workforce housing units at Quonset Business Park. QDC’s Board of Directors approved a 60-year ground lease with the company for the development on a 6.89-acre property on Gate Road at yesterday’s meeting.
“Rhode Island increasingly needs housing options for its workforce, which is why Quonset is committed to doing its part to support thoughtful solutions,” said Steven J. King, P.E., Managing Director of the Quonset Development Corporation. “For the past four years we have worked to attract developers and bring a viable project to completion. I am pleased to announce our partnership with Moran Properties to build housing for the hardworking men and women who fuel the economy here.”
The development will include one- and two-bedroom apartments with 40% of units designated for workforce housing. At least ten percent of the units will be reserved for low- and moderate-income housing requirements. Preference will be given to individuals who are either employed: within the business park; by federal, state, or local governments; employed in state or private healthcare or education fields; or employed within a 25-mile radius of the business park.
“These 140 residential units will provide housing options for the Quonset-based workforce — and for Rhode Islanders beyond the business park,” said Secretary of Commerce Stefan Pryor. “We’re grateful to the Quonset team and Moran Properties for making this development possible.”
The developer estimates that construction will begin in late 2027, following approval by QDC’s Technical Review Committee and state permitting.
“Moran Properties appreciates the support of the Quonset board and looks forward to providing much needed housing at the Business Park for the first time,” said Steven Moran, Principal and CEO of Moran Properties. “For our economy to grow and succeed, Rhode Islanders must have housing, particularly workforce housing. We are pleased to be able to contribute to the future success of Quonset and North Kingstown’s Post Road Corridor.”
The QDC Board approved a major variance to allow apartment housing in the business park in December 2022. As part of the approval process for the zoning variance, the North Kingstown Planning Commission held four public meetings and a public hearing on the matter, granting approval for the major variance in a public vote on May 16, 2023.
QDC sought development proposals through a request for expressions of interest process (April 2023) and request for proposals process (July 2023). The Quonset board unanimously approved a proposal in public session on November 14, 2023, which was never finalized due to market and financial challenges. As the need for housing in Rhode Island grew, QDC negotiated with Moran Properties over the past several months to enter an agreement to help meet that demand.
Once the project is complete, North Kingstown is projected to realize approximately $270,000 in annual payments in lieu of taxes (PILOT) from the proposal. This project will put Quonset’s contribution to the North Kingstown municipal tax base over $15 million threshold annually in property taxes and PILOT payments generated by the Business Park.
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