Council considers real estate deal for Cogshill School redevelopment into affordable housing units

The Newport City Council convened on December 11, 2024, to discuss a proposed real estate purchase and sale agreement for the Cogshill School property. The meeting began with a motion to approve the agreement, which would allow the council chair to sign on behalf of the city.

Before the council deliberated, public comments were invited. Peter Rehan, representing BCM Realty Partners, addressed the council, emphasizing the importance of redeveloping the Cogshill site into multifamily housing. He highlighted the significant loss of rental housing in Newport over the past two decades, attributing it to conversions to condominiums and short-term rentals. Rehan noted that the city’s comprehensive plan aims to promote the production of year-round housing for all income levels, and the proposed project would help meet this need.

BCM Realty Partners plans to develop 32 new rental units at the site, with 26 units in the historic school building and 6 additional units in proposed duplexes. The project aims to provide affordable housing options, particularly for individuals entering the workforce. Rehan explained that the units would be limited to long-term rentals for a minimum of one year, addressing concerns about short-term rental conversions.

Rehan also discussed the financial aspects of the project, stating that capping rents would jeopardize the viability of the investment, which totals approximately $13 million. He clarified that while there are funding opportunities through Rhode Island Housing, the specific project does not align with the funding criteria due to its high cost per unit and the limited number of units proposed.

The council's discussion highlighted the ongoing need for affordable housing in Newport, particularly for middle-income residents. The proposal aims to preserve the historic structure while addressing the urgent demand for long-term rental units in the city.

As the meeting concluded, the council acknowledged the significance of the proposal and the need for further discussions on the matter. The next steps will involve continued evaluation of the agreement and potential public feedback as the project moves forward.