The Rhode Island Commerce Corporation has awarded a Rebuild Rhode Island credit to support the redevelopment of the historic Sheffield School here in Newport. The City of Newport’s proposed $7.1 million redevelopment of the historic Sheffield School is a collaboration between the City, the Newport County Chamber of Commerce and the Economic Development Fund of Rhode Island (EDFRI).
InnovateNewport, currently being developed, will provide a wide range of modern high tech office suites, rooms and meeting spaces with the latest technology available. InnovateNewport is the result of a renovation project of the former Sheffield School located on Broadway in Newport, RI. The project will provide newly developed office space creating opportunities for entrepreneurial and established companies.
“It’s exciting that this project will transform a former school into a new, vibrant coworking space and office complex for Newport and for Rhode Island,” said Stefan Pryor, Rhode Island’s Secretary of Commerce. “Congratulations to all involved, including the City of Newport, the Chamber of Commerce, and EDFRI. Together, we are advancing Newport’s and Rhode Island’s economies.”
The nearly 34,000-square foot school will be converted into a co-work and office complex targeted to entrepreneurs, innovators and small businesses working in the defense sector and allied industries, including underwater technologies and cyber security. Project sponsors will receive a maximum of $2,128,123 in Rebuild Rhode Island Tax Credits, which will be issued over five years.