MEDIA CONTACTS:
Susan Daly (401-848-5777, ext 220)
Cynthia Goss (203-453-2731)

For Immediate Release

IYRS Celebrates Start of Aquidneck Mill Building Restoration

Project to Bring School Expansion, Marine Businesses to Lower Thames Street

Newport (R.I.)  July 12, 2007 — A groundbreaking ceremony held today at the International Yacht Restoration School on Lower Thames Street marked the official start of the restoration of the 1831 Aquidneck Mill Building, an historic landmark on the school's campus. A crowd of community leaders, local business owners, and IYRS board members and supporters gathered outside this historic building on the National Register of Historic Places to mark the occasion.

The restored mill—a 30,000-square-foot building originally built for cotton manufacturing—will accommodate a growing demand for IYRS programs. The mill will house critically needed classroom, workshop, and assembly space; a marine library that will be open to both students and the public; and lease space for companies and organizations whose focus is synergistic to the IYRS mission.

"The start of this restoration marks a new phase for the school," reflected IYRS President Terry Nathan after the ceremonies. "But it is not only a milestone for the school, but one for the local community as well: restoring this building helps restore this neighborhood's link to its maritime past—and future. In addition to providing space for the school, the building will draw a new concentration of marine businesses to this neighborhood."

Five individuals representing different organizations that have played important roles in the restoration spoke at the ceremony, including: IYRS Trustee Joseph Dockery, chair of the Mill Building Construction Committee; Edward Sanderson, executive director of the Rhode Island Historical Preservation & Heritage Commission; BankNewport President Tom Kelly; Bruce Johnson, executive vice-president of Sparkman & Stephens; and John J. Slocum, trustee of the Alletta Morris McBean Charitable Trust.

Yacht design firm Sparkman & Stephens is one of the marine companies that will open an office in the mill once it is restored. North Sails, Boothbay Harbor Shipyard, Legacy by Freedom Yachts, and The Museum of Yachting also intend to open a Lower Thames Street location. 

The cost of the restoration is an estimated $7.5 million. Funding derives from a variety of sources, with board of trustee gifts accounting for 15%; leadership gifts, 17%; Federal tax credits, 19%; Rhode Island tax credits, 23%; and the balance of funds still to be raised, 26%.

According to Edward Sanderson of the Rhode Island Historical Preservation & Heritage Commission, the sizeable percentage of net state and federal tax credits is a trademark of what is happening throughout the state, making Rhode Island a leader in the New England region for rebuilding its communities and its economy through historic preservation.

"A lot of people may not quite understand that, of course, historic preservation is about saving landmarks and remembering history," said Sanderson. "But at least in Rhode Island, historic preservation is more about rehabilitating historic buildings for new uses … Rhode Island is  recognizing that its future is in its past."

Construction on the mill is anticipated to start later this summer. Newport Collaborative Architects and construction manager Farrar & Associates, both of Newport, estimate the restoration will take less than two years, with IYRS targeting an occupancy date in spring 2009.

The groundbreaking ceremony occurred on the eve of a weekend of activity at IYRS. The school's Tenth Annual Summer Gala, sponsored by Lexus, takes place at Restoration Hall on Saturday evening, July 14. The happening is surrounded by a regatta and other social events that are being held in Newport throughout the weekend. The Gala is held annually to raise monies for IYRS' educational programs.

For more information on IYRS, please visit www.iyrs.org or call 401-848-5777.

NOTE TO MEDIA: Photographs of the groundbreaking and the mill are available by request. Please contact Cynthia Goss or Susan Daly. More background is available, including an interview with IYRS President Terry Nathan about the restoration of the building and a background sheet on the mill.