Projo Biz Blog

Navy officials have said they plan to sell off up to 350 acres of waterfront land on Aquidneck Island.

The land was formerly used by Naval Base Newport, and military officials say they hope to get fair market prices for the prime real estate.

Navy Capt. Michel Poirier says the military wanted to alert local officials in Newport, Middletown and Portsmouth so those communities can start planning now. Cleanups are required on much of the land due to contamination. It could be years before many properties change hands.

Portsmouth would be the primary beneficiary of any new development. The Navy could sell off almost 270 acres of land in that community.

Newport has considered building condominiums, a hotel and marina on Navy land in that city.

By Associated Press

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