IYRS Mill Restoration Draws Support of State, Community and Industry Leaders

April 29, 2008 — The restoration of IYRS's Aquidneck Mill Building will not be complete for some eight months, but state, community, and marine-industry leaders are already touting the impact this historic landmark will have on the marine trades and the Lower Thames Street neighborhood. On April 28, IYRS President Terry Nathan was joined by U.S. Senator Jack Reed (D-RI) and Keith Stokes, executive director of the Newport County Chamber of Commerce, at a press conference held inside the mill. Senator Reed announced federal funding of $500,000, secured by Senators Reed and Sheldon Whitehouse (D-RI) to support the mill restoration and the revitalization of Newport's working waterfront.

"We are here in a building that was built in 1831," said Reed, as he addressed a crowd of IYRS students and supporters, reporters and photographers, owners of local marine firms and other neighborhood businesses, and state officials. "Back then, [the mill] was manufacturing hard goods. Now it is transformed for a new economy, manufacturing ideas and education … We are taking something that is historic and transforming it to meet the challenges of a new generation."

Rhode Island's marine industry is a dynamic hub of 2,300 marine-related businesses that accounts for $1.6 billion in sales. The industry currently tallies 6,600 jobs, but there is a 10-percent vacancy rate. According to Reed, IYRS is a critical player training the skilled workers needed by this important statewide industry and opening up career opportunities to more individuals.

"Narragansett Bay and all of the marine services and marine industry have been a critical part of this state … and the future is bright, for both this project and for the marine trades," said Reed. "IYRS in particular has led the way, in terms of developing the skilled workers who are necessary for this business."

According to Keith Stokes, the mill restoration—and the businesses it will attract to Lower Thames Street—is a prime example of public/private investment that is creating a renaissance opportunity for the City of Newport in this neighborhood.

"I am probably the last generation of a Newport-born person who remembers a true working waterfront [in this area]. Many men and women and families lived down here and worked down here and were tied to the waterfront. We were at the center of New England's marine trades industry… "

But according to Stokes, the cost of waterfront real estate, the lack of consistent planning, and changes in the economy have altered the makeup of this "working waterfront" area. "With IYRS investing here … it's really creating a renaissance," said Stokes. "This project is a beginning—it's the beginning of a resurgence in this area of a mixed-used maritime trade community."

At press time, the marine companies that have committed to leasing space inside the mill include: yacht design firm Sparkman & Stephens, Boothbay Harbor Shipyard, Confident Captain, and Legacy Yachts. The Museum of Yachting will have a satellite location at the mill. The restored building will also give IYRS the space needed to launch a third program in Advanced Joinery.

According to Terry Nathan, a collaborative approach to the mill restoration has been key to the project's success. The restoration has been both on budget and on schedule. The estimated project cost is $7.5mm with approximately 35 percent funded by state and federal tax credits.

In addition to the federal funding announced at the press conference, the IYRS Board of Trustees has generously provided more than $1.5mm and area foundations have been key supporters, including: the 1772 Foundation, Alletta Morris McBean Charitable Trust, van Beuren Charitable Foundation, Prince Trusts, and the RI Historical Preservation & Heritage Commission. Nathan recognized the work of Newport Collaborative Architects and Farrar & Associates of Newport, which is managing the construction, for their role in transforming this landmark on the National Register of Historic Places.

"IYRS has been a good student, learning the art of collaboration and its associated benefits," said Nathan at the conference. "From our funders and marine-trades partners, to support from the state, the Economic Development Corporation, from Keith Stokes of the Newport County Chamber of Commerce, and the federal government by way of the work of Senators Whitehouse and Reed, it has been very gratifying to us, to put this wonderful historic building back to work supporting one of Rhode Island's most important industries."