Developer argues three extra units are needed to cover $2M+ infrastructure costs

The applicant and its witnesses told the Newport Zoning Board that site-specific infrastructure needs make the proposed redevelopment financially distinct from a straightforward replacement project. Attorney J. Russell Jackson framed the application as asking for "the minimal variance" necessary to allow reasonable enjoyment of the permitted use; he said the applicant seeks relief for parking and for three additional units to address unique site hardships.

Christopher Bishow, who identified himself as president of CCB Capital and founder of Landings Real Estate Group, testified the current theater structure is "beyond repair" and that removing it enables stormwater infrastructure and utility upgrades that would benefit both the parcel and adjacent properties. Bishow said podium construction, demolition carried out under a limited seasonal window, and burying or relocating utility lines are the primary cost drivers. "The minimum we can get by that would generate enough revenue in order for us to afford these extra costs," he said, describing the extra three units as the revenue source to cover what he called "in excess of $2,000,000" in additional project costs.

The applicant described internal pro forma assumptions over a 30-year horizon with an expected cash-on-cash return target of roughly 6—8%. Objectors told the board they had not seen a detailed pro forma or independent financial analysis in the hearing record and asked the board to require demonstrable evidence of financial necessity at the continued session.