A Fire Sparks New Beginnings on Block Island
When the Harborside Inn went up in flames in August 2023, it left a gaping hole in Block Island's hospitality scene. Now, rising from the ashes, this landmark hotel is set for a major comeback, thanks to a hefty $8.5 million financing deal with The Washington Trust Company. It's a rebirth that's about more than just bricks and mortar; it's about reviving a vital part of New Shoreham’s local economy and community spirit.
The Finances Behind the Facade
This isn't just another transaction for The Washington Trust Company. It's a statement of resilience and hope. The $8.5 million funding, secured by VVO Real Estate Holding, LLC, emphasizes the bank's deep roots and commitment to the Block Island community. You see, Washington Trust isn't some nameless entity in these parts. It has been a cornerstone here for more than four decades, standing by locals through thick and thin. This reconstruction project, therefore, has a personal touch to it.
Joseph Confessore, a senior VP at Washington Trust, was pretty candid when he spoke about the significance of the deal. "The destruction of the Harborside Inn hit close to home," he said, reflecting the bank's sentiment. The crux of it is that everyone involved knows the ripple effect the inn's closure had on the community—residents, businesses, and the notorious tourist influx.
From Ruins to Revival
David Kmetz, VP at Washington Trust, didn't mince words either, praising the tenacity of the property's owners. He's seen them navigate the ups and downs since 2002, and the bank's support isn't just about lending money—it’s about reaffirming their faith in the island's future. The rebuild will introduce a 33-room full-service hotel, a restaurant, and 10 retail spaces, effectively re-energizing the New Shoreham waterfront region.
“The Harborside Inn has long been a significant part of Block Island's waterfront and its history," Kmetz said.
Confidence in Construction
The project's construction, managed by The Haynes Group from Massachusetts, aims for a May 2027 completion. This timeline is no casual stroll; it’s a commitment to restore and perhaps enhance a beloved local treasure that stood resilient for years before fate dealt it a cruel hand. Knowing the construction's rigorous schedule is as solid as it gets, while fingers remain crossed for smooth sailing till May.
Bank on Community Trust
The Washington Trust Company isn't just a bank flinging dollars at potential profit. Nope. This is about a longstanding relationship with the island and its people. As Michael Finnimore, principal of VVO Real Estate Holding, LLC, noted, Washington Trust’s unwavering support during tough times meant the world. Describing it as a "loyalty and confidence" that marks a rebuild supported by genuine partnership.
Looking Past the Numbers
Washington Trust is no stranger to big moves; they're New England's banking stalwart, dating back to 1800. But it’s not all dollars and sense. Their relationship with Block Island is wrapped in history and local significance. The Harborside Inn project, nestled in their 225th year milestone, isn't just business as usual. It’s a reminder of how critical a bank’s role can be in shaping community futures. For anyone tracking WASH on NASDAQ, it's a neat little piece of their bigger picture, but for New Shoreham's folks, it means so much more.
So, here’s the bottom line: The Harborside Inn and Washington Trust are weaving a comeback tale soaked in community, tinged with history, and broiling with the promise of brighter days ahead—a potent comeback cocktail that's worth every penny and effort.
