Projo Biz Blog

With the economy, and particularly real estate sales, in the doldrums, no state requlator wants to make things worse.

And that certainly was the case Tuesday night when the developers of the sprawling The Village on Mount Hope Bay in Tiverton approached the state's Coastal Resources Management Council for a permit to continue building their 290-unit, $90 million, waterfront condominium complex.

Former Gov. Almond presided over the groundbreaking in Nov., 2002 for the age restricted complex (at least one resident in each unit must be 55 and over).

Because of its waterfront location, it was authorized by a three-year permit issued by CRMC.

Starwood received several extensions. But sales have not been up to expectations. At one point three years ago, some of the lower end units were auctioned.

The developers report that they have built 164 out of the total 290 units and sold 140. Of 10 projected commercial units, only one, a restaurant has been built.

Now the developers need a new permit to build the final 126 condos.

Paul Lemont, vice chair of the CRMC, said based on the economy, he moved to give the project another three year permit. No more testimony was needed, he said.

Starwood lawyer Richard Sherman pointed out that the typical three-year permit from CRMC would expire in May of 2012. He wondered if he might get a three and a half year permit to take the developers through another construction season in 2012.
Agreed said Lemont, as he moved a for a permit to run until December, 2012. It was approved unanimously.

One council member, Donald Gomez of Little Compton, said there have been some noncompliance issues at the project involving stormwater and public access. Sherman said they have all been corrected. Public access is not available, he said.

 Tags  Starwood Tiverton LLC The Village at Mount Hope Bay

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