Quonset Development Corporation and Moran Properties have announced plans to develop more than 140 workforce housing units at Quonset Business Park, marking the first residential development in the park’s history.
QDC’s Board of Directors approved a 60-year ground lease with Moran Properties for a 6.89-acre parcel on Gate Road at its meeting Tuesday. The development will include one- and two-bedroom apartments, with 40 percent of units designated for workforce housing and at least 10 percent reserved for low- and moderate-income residents.
Preference in leasing will be given to people employed within the business park, by federal, state, or local governments, in healthcare or education, or within a 25-mile radius of the park.
“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, managing director of QDC.
Construction is estimated to begin in late 2027, pending approval by QDC’s Technical Review Committee and state permitting. Once complete, North Kingstown is projected to receive approximately $270,000 in annual payments in lieu of taxes from the project — pushing Quonset’s total annual contribution to the North Kingstown tax base past the $15 million threshold.
“For our economy to grow and succeed, Rhode Islanders must have housing, particularly workforce housing,” said Steven Moran, principal and CEO of Moran Properties.
