Projo Biz Blog

NEWPORT -- The International Yacht Restoration School will use $500,000 in federal money to help renovate the 1831 Aquidneck Mill building to expand school offerings and help draw businesses to that area of the city.

The money will also "help revitalize the waterfront area on Lower Thames Street" to attract new businesses to the neighborhood, according to U.S. Sens. Jack Reed and Sheldon Whitehouse in a news release.

The Rhode Island Democratic senators secured $500,000 in the 2008 appropriations spending bill to expand the school’s buildings for marine vocational training and help "provide sustainable careers" for more residents.

The building is on the National Register of Historic Places. When restored, the 30,000-square-foot mill will accommodate demand for the school's programs. It will house a library open to students and the public and lease space for organizations and businesses. Several firms, including yacht design firm Sparkman & Stephens, Boothbay Harbor Shipyard, Confident Captain, Legacy Yachts, and The Museum of Yachting, plan to occupy space in the mill, adding a concentration of maritime businesses in the neighborhood.

The mill will be added to the school's 2.5-acre campus, which is open year-round to the public.

“For years, people and businesses have flocked to Rhode Island for our marine trades industry, which is central to our economy and particularly Newport’s waterfront community,” Whitehouse said in the statement. "This funding is a smart investment in our state’s future, and in the men and women whose skilled work is known around the world.”

Reed stated that the money "will enable the school to expand their reach and help more Rhode Islanders get sustainable, high-paying jobs."

-- projo.com staff writer Michael P. McKinney

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