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October 1, 2007

Update: Rocky Point has new owners / Photo

Journal photo / Kathy Borchers
Warwick Mayor Scott Avedisian discusses the deal at a press conference at Warwick City Hall today. Buyers Peter and Jim Leach are at right.

WARWICK -- The court-appointed receiver for the former Rocky Point amusement park has signed a purchase and sale agreement with a Providence developer, it was announced today.

Rocky Point Partners LLC. has agreed to buy the approximately 83 acres while the City of Warwick will buy the other 41 acres for open-space purposes, the U.S. Small Business Administration announced.

Under the agreement terms, final closing on the sale must take place on or before March 28, 2008.

Behind Rocky Points Partners, which was incorporated on Sept. 14 in papers signed by lawyer Zachary G. Darrow, is Leach Family Holdings. James and Peter Leach attended a press conference today on the sale.

Before today's announcement, the fate of the former park, well known to generations of Rhode Islanders, was approaching a deadline.

The park was such a fixture in the public's minds that it even became the subject of a recently-released documentary.

The purchase and sales agreement has been submitted to U.S. District Court, Rhode Island, for "review and disposition."

"The [Small Business Administration], as receiver, is pleased to take this latest step toward assuring an acceptable use for this valuable property," Mark S. Hayward, the SBA Rhode Island district director, said in a statement. "This is definitely a step in the right direction and we will await final approval of the U.S. District Court in order to move forward with this project."

-- With reports from Journal staff writer Cynthia Needham

Posted by Mike McKinney  at 4:36 PM | Permalink

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katie | October 1, 2007 6:21 PM link

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