Portsmouth, RI
125 Acre Fully-Permitted Waterfront Development Opportunity Contact Information: Matt Fair Senior Vice President +1 401 273 2053 [email protected] Pete Hayes Partner +1 401 273 7426 [email protected]
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance Cushman & Wakefield Copyright 2020. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question. CONTENTS
Executive Summary 6
Investment Summary 8
The Opportunity 12
Neighborhoods & 14 Associations
Newport Overview 27 4 hayessherry.com | n e w p o r t b e a c h c l u b confidential offering m e m o r a n d u m 5 EXECUTIVE SUMMARY Cushman & Wakefield Ɩ Hayes & S herry has been exclusively engaged to sell the remaining 108 “fully permitted” residential entitlements at the Newport Beach Club in Portsmouth, RI, one of the finest luxury waterfront developments on the East Coast. While a portion of the site has been built and sold, the remaining 108 permitted lots present an opportunity for a developer to complete this upscale community.
Ideally located just 15 minutes from Newport, 30 minutes from Providence and 75 minutes from Boston, this exclusive residential resort features exceptional amenities and facilities that are second to none. On-site amenities include a Beach Club with 3 Resort-Style Pools, Private Beach, Equestrian Center, Tennis Pavilion, and Fitness Center. Entitlements include Town of Portsmouth approvals for a marina of up to +5,698 linear feet of slip space.
The property offers a developer the opportunity to achieve an expedited “go-to-market” sales process with a variety of extravagant home styles including custom estates, unique villas and cottages, and upscale condominiums. Newport Beach Club is truly a once in a lifetime development opportunity.
6 hayessherry.com | n e w p o r t b e a c h c l u b confidential offering m e m o r a n d u m 7 INVESTMENT SUMMARY
Address: 195 Newport Harbor Drive, Portsmouth, RI
Site Size: +125 Acres
Entitled Units: 108 Units (53 Declared/55 Undeclared)
Community Amenities: Beach Club with 3 Resort-Style Pools, Private Beach, Equestrian Center, Tennis Pavilion, Fitness Center, 41-room ‘guest accommodations’ (potential conversion to additional residential units)
8 hayessherry.com | n e w p o r t b e a c h c l u b Beach Club with 3 Resort-Style Pools
Pool area is immaculately landscaped and includes a poolside restaurant, private cabanas, children’s play area, and beachfront fire pit
confidential offering m e m o r a n d u m 9 Private Beach Equestrian Center
A quarter mile private beach with luxury beach chairs and umbrellas, Features indoor/outdoor riding facility and full service boarding stables cleaned and maintained daily
10 hayessherry.com | n e w p o r t b e a c h c l u b Tennis Pavilion Fitness Center
Lighted area has four Har-Thru tennis courts, two paddle tennis courts, and Year-round facility with treadmills, stair machines and free weights with a warming hut with lounge and restroom facilities panoramic oceanfront views
confidential offering m e m o r a n d u m 11 THE OPPORTUNITY Beach Village 20 Units Available 20 Declared Tennis Village
Narragansett Bay 4 Units Available 4 Declared Equestrian Village 22 Units Available 22 Undeclared Hillside Village 13 Units Available 13 Declared Waterside Village 16 Units Available 16 Declared Guest Room Accommodations 41 Rooms Available 41 Undeclared Beach Club Residences 24 Units Available 24 Undeclared Marina Residences 9 Units Available 9 Undeclared Marina
±5,698 linear feet Approved by Town* Amenities Newport
confidential o f f e r i n g m e m o r a n d u m 13 Neighborhoods & Associations
Beach Village
Tennis Village
Equestrian Village
Hillside Village
Waterside Village
14 hayessherry.com | n e w p o r t b e a c h c l u b e q u e s t r i a n v i l l a g e
h i l l s i d e v i l l a g e
Equestrian Facilities
t e n n i s v i l l a g e
Tennis Club & Facilities hotel / condos
waterside village
b e a c h v i l l a g e
Pool & Clubhouse
Marina
confidential offering m e m o r a n d u m 15 Beach Village – 20 Units Declared
Beach Village features luxurious single-family homes crafted with seaside New England architecture, many offering sweeping views of Narragansett Bay. There are a total of 41 single-family land condominium units in the Beach Village master condominium, 21 of the units have been sold and 20 units are available (red outline) for development. Requires some additional infrastructure work.
16 hayessherry.com | n e w p o r t b e a c h c l u b confidential offering m e m o r a n d u m 17 18 hayessherry.com | n e w p o r t b e a c h c l u b Tennis Village – 4 Units Declared
Centered around the Tennis Pavilion, these well-appointed cottages and villas overlook the tennis and paddle courts. The contemporary floorplans and finishes in these three- and four-bedroom homes include stunning open kitchens with modern features ideal for family gatherings and entertaining. There are a total of 23 residential lots, 19 of which have been built and sold with 4 lots remaining (red outline) for development. The additional 4 lots are available for immediate construction and do NOT require additional infrastructure work.
confidential offering m e m o r a n d u m 19 Equestrian Village – 22 Units Undeclared
The Equestrian Village features 24 permitted single family lots surrounding the Equestrian Center. Two of the lots have been sold and the remaining 22 lots (red outline) are available for sale. The 22 remaining lots will require additional infrastructure such as roadways and utilities.
20 hayessherry.com | n e w p o r t b e a c h c l u b Hillside Village – 13 Units Declared
Hillside Village is composed of 18 oversized, elevated lots with sweeping views of the resort and Narraganset Bay. Five of the lots have been sold leaving 13 units (red outline) for future development. The 13 lots will require some additional infrastructure work.
confidential offering m e m o r a n d u m 21 Waterside Village - 16 Units Declared
Waterside Village is currently approved for up to 16 condominium units. O n e 16-unit building is fully approved and available for immediate construction. The building shown on the site plan (green solid) is fully approved and available for immediate construction. See renderings below for potential examples of product type.
22 hayessherry.com | n e w p o r t b e a c h c l u b Guest Room Accommodations - 41 Rooms Undeclared
Newport Beach Club is currently approved for 41 guest accommodation rooms shown on the site plan (red solid). These rooms will require further review and infrastructure as well as final approval from the Town of Portsmouth as to the configuration and location of said rooms. These will require additional infrastructure.
confidential offering m e m o r a n d u m 23 Beach Club Residences 1-2 24 Units Undeclared Marina Residences 1-3 9 Units Undeclared
The Beach Club and Marina Residences include 33 undeclared units, shown in conceptual location (purple solid). The number and character of these units has been revised by and through several amendments to the Development Documents. These units can be developed subject to final approval from the Town of Portsmouth as to the configuration and location of said units. Construction of these units will require additional infrastructure.
24 hayessherry.com | n e w p o r t b e a c h c l u b confidential offering m e m o r a n d u m 25 Slip approvals are as follows:
Boat Length/Number of Slips (164 Total/±5,698 linear feet)
o Marina - 164 Slips / ±5,698 linear feet 80ft/2 slips o 60ft/21 slips The Newport Beach Club has been approved by the Town of o 40ft/19 slips Portsmouth for the construction of a marina on-site. Per the o 36ft/22 slips Development Agreement, marina slips are subject to final approval by CRMC and the Town of Portsmouth. The proposed marina is o 30ft/60 slips
the last amenity at the Property. Construction of the marina is o 24ft/26 slips dependent on State permitting and need not be built. o 60ft (transient)/1 slip
o 50ft (pump out)/1 slip
o 16ft (PWC/sailing school)/12 slips
26 hayessherry.com | n e w p o r t b e a c h c l u b NEWPORT OVERVIEW
Newport is established as one of the most popular vacation destinations in New England. The coastal communities that make up Newport County feature miles of unspoiled beaches, scenic trails, distinctive shops, renowned restaurants, diverse accommodations and world class events create an atmosphere that is one of a kind.
confidential offering m e m o r a n d u m 27 Cliff Walk Wide Array of Cultural Unique Restaurants, The Cliff Walk is a 3.5 Mile elevated path along Activities Shopping, and Nightlife the coastline in Newport, home to some of The summer months of Newport feature a wide Newport is home to a wide array of restaurants Newport’s famous mansions. This National variety of events for visitors of all ages. The area and local stores that create the quintessential Recreational Trail is one of the most famous is home to numerous museums and galleries New England vibe. In the heart of Downtown attractions in the area, featuring sprawling open to the public for tours, most notably the Newport, Thames Street is the most active area ocean views and drops of over 70 ft. International Tennis Hall of Fame. Additionally on the waterfront with countless local bars and the annual Newport Folk Festival features four a vibrant nightlife. stages of music at Fort Adams State Park along with beer and wine gardens throughout, attracting more than 10,000 fans each year.
28 hayessherry.com | n e w p o r t b e a c h c l u b
CONFIDENTIALITY AND NONDISCLOSURE AGREEMENT
To whom it may concern:
In connection with your (“Recipient”) review of the business and affairs of the real estate and condominium development situated at 195 Newport Harbor Drive, Portsmouth, Rhode Island (the “Newport Beach Club”), which Recipient is conducting to evaluate a possible acquisition of assets of the Newport Beach Club, Recipient has requested that W. Mark Russo, Esq., as Receiver for Velocity NBC, LLC, TNBC Beach Club, Master Condominium Association of TNBC Master Condominium, Condominium Association of the TNBC Beach Village Condominium, and TNBC Hillside Village Condominium Association (the “Receiver”) provide it with certain information and documentation related to the Newport Beach Club including, title information, financial leases and leasehold interests, member information, owner information, licenses, and other information about the Newport Beach Club not generally available to the public (all of the foregoing, and all notes, compilations, abstracts, analyses, studies and other materials created by any person therefrom, shall be hereinafter referred to as “Confidential Information”). Confidential Information shall not include any part of disclosures or information: (i) that can be demonstrated to have been in the public domain prior to the date hereof; (ii) that can be demonstrated to have been in Recipient’s possession prior to the date hereof without any obligation to keep such information confidential; (iii) that becomes part of the public domain by publication or otherwise not due to any unauthorized act or omission on Recipient’s part; or (iv) that is supplied to Recipient by a third party who, after Recipient’s reasonable inquiry, has no known obligation to keep such information confidential.
To induce the Receiver to provide Recipient with Confidential Information, Recipient hereby covenants and agrees with the Receiver as follows:
1. That without the prior written consent of the Receiver, Recipient will not disclose or disseminate (i) any Confidential Information, whether oral or written, or (ii) the terms of this Agreement, to any person or entity other than those of Recipient’s employees, officers, directors, accountants, financial advisors, attorneys and any other agents who have a need to know such information for purposes of evaluating the Newport Beach Club and the real estate for acquisition;
2. That neither Recipient nor any of its employees, officers, directors, agents or any other persons or entities who may obtain access to the Confidential Information through Recipient (hereinafter, “Agents”) will at any time use any Confidential Information for any purpose other than for purposes of evaluating an acquisition of the Newport Beach Club, nor in any manner which is likely to undermine the anticipated sale of the Newport Beach Club and/or its assets;
3. That the Confidential Information is the property of the Receiver, is confidential and proprietary, and is material to the business interests and affairs of the Newport Beach Club, and that disclosure thereof would be detrimental to such business interests and affairs. Accordingly, Recipient agrees to undertake all reasonably necessary and appropriate measures to ensure the secrecy and confidentiality of the Confidential Information. In the event Recipient terminates its evaluation of possible acquisition of the assets of the Newport Beach Club, Recipient will continue to maintain the confidentiality of all written information, documentation, summaries and all copies thereof and will not disclose the same except as agreed in writing with the Newport Beach Club or the Receiver or upon court order;
4. That Recipient will take all necessary steps to minimize the risk of disclosure of the Confidential Information by, among other things, ensuring that:
a. Only Agents whose duties require them to process the Confidential Information will have access thereto, and they will be instructed and required to treat the Confidential Information as confidential;
b. Proper and secure storage is provided for all Confidential Information;
c. Neither Recipient nor any Agent will make, permit or cause to be made unnecessary copies of the Confidential Information; and
d. Notification is given to any recipients to whom Recipient provides the Confidential Information in accordance with this Agreement and the terms and conditions of this Agreement.
5. That in the event Recipient or any Agent becomes legally compelled to disclose any Confidential Information, prior to doing so, Recipient will provide to the Receiver prompt written notice so as to enable the Receiver to obtain a protective order or other appropriate remedy, or to permit the Receiver to waive compliance with this Agreement. In the event that a protective order or other remedy is not obtained or compliance herewith is waived, Recipient agrees to furnish only that portion of the Confidential Information which is legally required to be disclosed and Recipient agrees to exercise its best efforts to obtain reliable assurance that confidential treatment will be accorded to the Confidential Information.
Recipient acknowledges and agrees that the Newport Beach Club and/or the Receiver will be damaged by a violation of this Agreement by Recipient or any Agent. In the event Recipient or any Agent breaches any agreement or covenant contained herein, or in the event that such a breach appears imminent, the Newport Beach Club and/or the Receiver shall be entitled to all legal and equitable remedies available including, without limitation, the right to enjoin Recipient from misappropriating or disclosing such information and documentation and any or all other forms of relief and, in addition, shall have the right to recover from Recipient all costs and attorneys’ fees encountered in seeking any such remedy. Recipient agrees that the Rhode Island Superior Court, Out-County Business Calendar supervising the matter captioned as Jennifer L. Tinsman v. Velocity NBC LLC, et al. C.A. No. NC-2020-0123 shall have jurisdiction to enforce this Agreement and to interpret and resolve any issues or matters arising under or relating to this Agreement, that Rhode Island law shall apply, and that Recipient consents to the jurisdiction of said Court for the foregoing purposes.
2 Recipient may not assign this Agreement or any rights hereunder, whether in whole or in part.
In the event any provision hereof shall be held invalid or unenforceable, the rest and remainder hereof shall remain in full force and effect.
No modification or waiver of any rights or remedies of the Newport Beach Club or the Receiver shall be binding unless in writing executed by the Receiver. No action or inaction by the Receiver shall constitute or be deemed a waiver of any such rights or remedies.
Unless otherwise specifically set forth herein, Recipient agrees that its obligations hereunder shall continue for a period of two (2) years from the date of termination of negotiations between Recipient and the Receiver.
This Agreement may be assigned by the Receiver to any other purchaser or purchasers of all or any portion of the Newport Beach Club’s assets in the Receiver’s sole discretion.
Kindly indicate Recipient’s acceptance and agreement to the terms of this letter by signing below.
Very truly,
W. Mark Russo, Esq. In his capacity as Receiver for, and on behalf of, Velocity NBC, LLC, TNBC Beach Club, Master Condominium Association of TNBC Master Condominium, Condominium Association of the TNBC Beach Village Condominium, and TNBC Hillside Village Condominium Association.
Agreed and accepted this ____ day of _____, 2020.
By: ______Title: ______Address: ______Email: ______
RETURN SIGNED AGREEMENT TO: [email protected] (Matthew Pimentel) [email protected] (Matt Fair) [email protected] (Denise Boulet)
3 STATEMENT OF LIMITING CONDITIONS REGARDING THE ELECTRONIC DATA ROOM FOR THE RECEIVERSHIP ASSETS IN JENNIFER L. TINSMAN V. VELOCITY NBC LLC, ET AL. C.A. NO. NC-2020-0123 AND W. MARK RUSSO, ESQ., IN AND ONLY IN HIS CAPACITY AS PERMANENT RECEIVER
All information, documents, reports and photographs contained in the Electronic Data Room, and/or otherwise provided by or on behalf of the Receiver, regarding the real estate and condominium development situated at 195 Newport Harbor Drive, Portsmouth, Rhode Island (collectively the “Assets”) are provided to all interested parties and all other parties expressly subject to the following limiting conditions:
1. No responsibility is assumed by the Receiver and his legal counsel Ferrucci Russo P.C., and/or their respective agents, officers, employees and attorneys (collectively "Professionals") for matters factual or legal in nature, nor is any opinion rendered concerning title to the Assets.
2. All information, documents, drawings, sketches, surveys, and photographs concerning the Assets are provided to assist interested parties for information purposes only, and no responsibility is assumed by the Receiver and the Professionals for the accuracy or completeness of same. Drawings, sketches and photographs do not constitute a legal description of the Assets and are provided for informational purposes only. Further, no survey has been made of the Assets by or on behalf of the Receiver. The undersigned hereby waives, releases, and holds harmless each of the Professionals from any and all claims, demands, causes of action arising out of or in any way relating to the undersigned's receipt of and/or reliance upon any of the information contained in any report.
3. No responsibility is assumed by the Receiver and/or the Professionals for hidden or unapparent conditions of the Assets, its subsoil or structures thereon which would render the same more or less valuable, or for engineering or investigative measures that might be required to discover such factors.
4. The foregoing does not constitute a legal description of the Assets and are provided for informational purposes only.
5. Any financial or other information provided or contained in the documents provided by or on behalf of the Receiver and the Professionals regarding the Assets were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for the accuracy thereof is assumed by the Receiver and/or the Professionals.
6. The contents of the Electronic Data Room and any other documents or information made available by or on behalf of the Receiver in connection with the Assets, or copies thereof, may not be used for any purpose except in connection with a review of the Assets by a prospective purchaser for potential acquisition.
Page 1 of 2 7. Neither the Receiver nor the Professionals make any representations of any kind, nature, or type whatsoever as to the accuracy of information contained herein or with respect to any other matter related hereto.
Agreed to and Accepted:
Print: Dated:
RETURN SIGNED AGREEMENT TO: [email protected] (Matthew Pimentel) [email protected] (Matt Fair) [email protected] (Denise Boulet)
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