Rhode Island Launches RI Ready Initiative for Industrial Growth

News Summary

Rhode Island is launching the RI Ready initiative to address industrial development needs as Quonset Business Park nears capacity. With only 58 acres left for expansion, the initiative aims to create a comprehensive inventory of pre-permitted, industrially-zoned sites across the state. This proactive approach will support new constructions and attract businesses, ultimately boosting job creation and economic growth in the region. Municipalities, developers, and property owners have access to funding to aid in revitalizing these areas, ensuring Rhode Island remains competitive in the industrial sector.

Rhode Island is gearing up for significant industrial expansion with the launch of the RI Ready initiative, designed to cultivate new sites for development as the Quonset Business Park approaches capacity. Over the past two decades, Quonset has established itself as a vital contributor to the state’s economy by adding jobs and bolstering its tax base.

The Quonset Business Park currently houses more than 250 companies and provides employment to over 14,000 individuals. However, the park has only 58 acres available for further development, and the largest available parcel can accommodate facilities up to 200,000 square feet. In contrast, the remaining parcels limit new constructions to 150,000 square feet or less. This limitation underscores the urgent need for additional industrial space to satisfy demand.

The RI Ready initiative emerges as a solution to this challenge, aiming to foster industrial growth beyond Quonset Business Park. It draws inspiration from Quonset’s successful operations to create a comprehensive inventory of pre-permitted, industrially-zoned sites across the state that are primed for development.

Eligibility and Criteria for RI Ready

To qualify for participation in the RI Ready program, sites must meet several criteria:

• The sites should enable improvements in infrastructure within industrial districts.
• They should significantly expand existing industrial uses.
• Each site should be around 10 acres or large enough to support a 100,000 square foot building.
• All sites must be zoned for industrial or support uses related to offshore wind.
• Sites need to be located within one mile of a roadway classified for industrial traffic.

Once sites are enrolled in the RI Ready program, a dedicated team offers assistance throughout the process, including site plan reviews, permitting, demolition, and necessary upgrades to infrastructure. The initiative’s goal is to ensure that shovel-ready land is available within 90 days for companies looking to establish operations.

Impact in Burrillville

The Town of Burrillville serves as an illustrative case for the RI Ready initiative. It recently secured $200,000 specifically for permitting a large industrial area, in addition to receiving $1.5 million aimed at enhancing water and sewer infrastructure in the district. This development is expected to generate around 95 jobs and yield an estimated \$5.4 million in annual household income for the area.

Moreover, RI Ready participants will have access to vetted contractors, streamlining the logistical challenges that often accompany development projects. This strategic support mechanism is essential as Quonset Business Park nears its operational capacity, and the need for alternative industrial sites becomes increasingly pressing.

Funding and Future Goals

Funding for the RI Ready initiative is currently accessible to municipalities, developers, and property owners. This funding is crucial for revitalizing and preparing new sites for industrial use, ensuring that Rhode Island can continue to attract and sustain economic growth in the industrial sector.

As Rhode Island moves forward with the RI Ready initiative, the focus on developing additional industrial sites is anticipated to play a pivotal role in the future of the state’s economy. By proactively addressing the limitations of Quonset Business Park, Rhode Island is positioning itself to meet the industrial demands of tomorrow and to foster sustained job creation and economic prosperity.

Deeper Dive: News & Info About This Topic

• New England Real Estate Journal: Rhode Island Ready Initiative
• Encyclopedia Britannica: Rhode Island
• Providence Journal: Blue Economy Driving Innovation in Rhode Island
• GoLocal Prov: Editorial on RI Commerce Corp
• Rhode Island Current: McKee Names Jim Bennett
• Google Search: Rhode Island Industrial Development