Projo Biz Blog

Florida developer Island Global Yachting has dropped plans to build a massive shipbuilding and repair yard in the Quonset Business Park in North Kingstown.

The company proposed the $150-million complex in 2007, and it was received with enthusiasm by the state agency that runs the park, the Quonset Development Corporation. "It's an exciting opportunity in the marine-trades sector," Saul Kaplan, at the time the state's top economic-development official, said of the project. "It's one of our strongest sectors and one with very significant growth potential. This is us trying to make best use of an important state asset."

But last spring, as the economy began to sour, the company pulled out. Its decision was the result of what QDC spokeswoman Dyana Koelsch described as "global market financing" challenges.

 Tags  economic development economy Island Global Yachting jobs Quonset Quonset Development Corporation ship building

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