The Technology Business Incubator and Accelerator Is Expected To Open in 2017
Construction of a new, exciting business hub in Newport, currently titled InnovateNewport, could start as soon as this spring.
The project which was announced in September 2014 entails the re-purposing and redevelopment of the Sheffield School, an idle City-owned public school property at 513 Broadway, as an innovative technology business incubator and accelerator. It’s a model of public/private sector collaboration and visionary community economic development.
The school will be repurposed as a technology business incubator and accelerator serving the marine, climate change, environmental, digital and defense industry clusters, and entrepreneurs throughout the area.
InnovateNewport will provide a wide range of modern high tech office suites, rooms and meeting spaces with the latest technology connections available.
The project will provide more than just newly developed office space. InnovateNewport will create opportunities for new and established companies.
The United States Department of Commerce, Economic Development Administration (EDA) has committed over $1.6 million towards the effort and will be matched with funds from the City of Newport Urban Development Action Grant (UDAG) to fund the redevelopment of the school. Federal funds have also been included to achieve Leadership in Energy and Environmental Design (LEED) certification for the facility.
The Economic Development Foundation of Rhode Island submitted an application on November 25, 2015 for a $1.7 million RebuildRI tax credit. The tax credit is a critical component of the project’s capitalization. Combined with a $1.64 million grant from the United States Department of Commerce and a $1.6 million matching grant from the City of Newport, success in securing funding from the tax credit program will effectively result in fully funding the Project’s construction costs.
See More Renderings at www.innovatenewport.com.
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