Posted May. 9, 2008
By Kevin Shalvey
PBN Staff Writer
WESTERLY – The Providence office of Goedecke, Doyle & Co. yesterday announced it has secured $70 million in construction financing for the $100 million Ocean House project that broke ground in Watch Hill this spring.
The development – announced in 2006 as a faithful reproduction of an historic property – is owned by Bluff Avenue LLC.
Ocean House was a 48-room hotel that operated in the Watch Hill village for more than 135 years before closing its doors in 2003, citing its inability to meet the state’s updated fire code requirements.
In 2006, a development team that includes East Providence-based Peregrine Group LLC, Centerbrook Architects and Newport Harbor Corp. signed on the rebuild the inn, using salvaged details to replicate the feel of the original.
Besides the 120,495-square-foot inn, the developers plan to build 24 residences on the property. The project is expected to be completed in May 2010.
Bluff Avenue LLC – led by Charles M. Royce, Nicholas Moore and Donna and Grant Simmons – was formed to preserve the Ocean House as a hotel, community asset and “significant cornerstone” of Watch Hill.
For information about the Ocean House development, visit www.oceanhouseri.com.
