The University of Rhode Island has fee title to a 4.2 acre site located at 85 – 95 Upper College Road, Kingston, RI and is seeking a qualified commercial real estate developer or development team to develop and operate a new 100 guest room hotel, with some extended stay rooms, and a new mixed-use retail/office/apartment building on the Site, across from the core historic campus quadrangle, a National Historic Landmark.
This is a unique property with access to a University population over 20,000. Additionally, the subject site is proximate to various other regional demand generators, such as the area beaches in Narragansett and Newport. Overall, the site is an excellent long-term location for a hotel, relative to URI-related demand. Its prominent location along Upper College Road, proximate to the university entrance and in the heart of the campus, is considered attractive and a distinct competitive advantage. The Site parcels are offered for lease as part of a mixed-use development.
The Developer or Developers will own the improvements to the Site but not the real estate. The University will enter into a long-term ground lease of the Site with the Developer.
The selection process will begin with a Request for Qualifications, currently available at:
Qualification response packages for RFQ 7577481 are due March 1, 2018
Respondents shall be evaluated by the point system associated with the technical provisions and SOQ requested in the RFQ. Following the evaluation process, the four top-evaluated qualified Respondents will be invited to make oral presentations to clarify any potential questions the Review Committee may have.
Subsequently, URI will seek to issue to those respondents a Proposal Request for bids to enter into a Project Agreement.