Developer Unveils Plans for Over 700 New Housing Units in Coventry

An exciting new townhome and apartment development opportunity has opened up in Coventry, Rhode Island. A Maryland developer plans 700-plus housing units in Coventry. Starr Capital has years of experience in real estate development and marketing. The company focuses on mixed-use residential development in the New England and Mid-Atlantic regions. The Bethesda-based company has acquired 127 acres in Coventry, Rhode Island, with a plan to construct 700 family units and townhomes. An official speaking about the anticipated construction project stated it will be beneficial for the development of the Centre of New England and for the town of Coventry.

The property is very well-suited to the construction of new residential units in Coventry. The Centre of New England features a sprawling 400 acres with commercial and residential development potential and is currently the site of several residential communities for home ownership and rental properties. The region is one of the most significant developments in Rhode Island. The development will be one of the largest in the state's history when the construction is complete. The project will bring much-needed residential development to the area. An ecological preserve which will be improved and maintained sits in the center of the property. The Centre of New England encompasses more than five million square feet of a master-planned business park and community of residences in Coventry and is already an established commercial and residential area.

The entire Centre of New England sits within Coventry's Business Park zoning district. The plan to develop the 28 acres of Parcel Two of the property includes 362 duplex townhouses and 350 multifamily residential units within the Business Park District. Several parcels of land within the district are being developed in coordination to provide new commercial centers. One of the best features of the Business Park District is that it's zoned for a variety of uses, including industrial, retail, hotel, office, and multifamily housing. The district encompasses approximately eight percent of the land area of Coventry.

The current plan includes 362 duplex townhouses in Parcel Two and Parcel Three and 350 multifamily residences in Parcel Four. The overview of the development plans for 83 duplex buildings of two and a half stories with 166 units. Each unit will include 1800 square feet of dwelling space. A driveway and garage parking space are included with each unit. The plan consists of a total of 332 parking spaces, with two spaces per unit. The development has public utilities and has less than a 0.2 percent chance of flooding.

Parcel Three of the Centre of New England property consists of 30.5 acres. The development plan is for 98 duplex buildings of two and a half stories with 196 units. Each unit will consist of two and a half stories, including onsite parking and garage space for tenants. The plan calls for seven multifamily buildings of four stories on Parcel Four. The seven buildings will consist of a total of 350 units. Although prices for the residences have yet to be decided on, the developer proposes to make 15 percent of the residences low-income. The property's location offers a unique opportunity for investors and is being offered 'as is." Parcel Four and Parcel Five of the property feature six rental complexes of one to three bedrooms built since 2000, including 983 residences and two older residential complexes with 607 units that have been renovated and upgraded with new amenities.

The plan for the development of Parcels Two, Three, and Four indicates that they may be developed independently and meet Coventry's height, parking, density, and zoning requirements. The residential, multifamily, retail, business, and industrial sites will be available for sale, lease, or joint ventures. Lots two and three, consisting of 362 planned residential units on a 58.5-acre lot, may be subdivided. Lot four, which will consist of 350 multifamily units on a 23.6 acre lot, may be subdivided. Lot six, consisting of one and a half acres, is a retail pad site. Lot seven of the business park consisting of three acres is a retail and industrial site. Lot eight is a business park site and consists of 15 acres. After receiving the necessary permits from the town's planning commission, Starr Capital expects the construction on the project is expected to begin in 2025.

The second floor of The Orchard features an elaborate master suite with a dressing room, a marble bathroom, and a private terrace with views of the ocean. This floor also features four other ensuite guest bedrooms. Four of the most attractive ensuite guest bedrooms are on the mansion's third floor. This floor also includes two more comfortable guest bedrooms and a shared classical period-style bathroom that's been completely restored. Furnishings include many of the original owner's private collections shipped to Rhode Island from England. One of the antiques consists of a 1930s-era baby grand piano from the St. James Club in Paris. The mansion, carriage house, and gardens are fully furnished. Several valuable antiques are available by negotiation.