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FEATURE ARTICLE, FEBRUARY 2006
A NEW LOOK FOR BRISTOL
StoneStreet Corporation revitalizes the Bristol, Rhode Island, waterfront.
Dan Marcec
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On the shore of Narrangansett Bay in Bristol, Rhode Island, StoneStreet Corporation is constructing Stone Harbour Condominiums, a three-building luxury residential development that combines new construction with the revitalization of two historic buildings.
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In the town of Bristol, Rhode Island, StoneStreet Corporation is developing Stone Harbour Condominiums, an 81-unit luxury condominium project that offers more than simply a place to live. Situated on Bristol Harbor overlooking Narragansett Bay, the development combines a unique opportunity for waterfront living as well as close proximity to a vibrant downtown marketplace. Two of Stone Harbour's three buildings are already complete and residents are now occupying their units, and the third building, Stone Harbour South, will be complete in the fall of this year. “The fact that Stone Harbour offers residential living on the waterfront in conjunction with downtown living is quite unique, and having this opportunity as a developer is very exciting,” says Sean Crump, director of marketing and sales for StoneStreet. “With the convenience of living close to downtown Bristol with proximity to jobs, restaurants and everyday needs, and then to the west side of the building having a scenic view of the Bristol Harbor, the residents here have everything they need.”
The project breaks down into three buildings, with units ranging from smaller, single-floor living condos in the vicinity of 800 square feet to 900 square feet to townhouse and penthouse-style homes that span to approximately 5,000 square feet. Prices for the residences, consistent with the diverse floorplan options, vary between the low $500,000s and more than $2.5 million. The entire project expects to generate approximately $80 million in sales and revenue.
In addition to the luxury residences, Stone Harbour offers a 39-slip marina for its occupants. The marina was completed in August 2005, and its availability to residents begins this year. Furthermore, the development offers amenities such as a quarter-mile boardwalk along the waterfront, walking paths throughout the project and landscape, an infinity-edge outdoor swimming pool with an expansive sundeck directly on Bristol Harbor, and after the final building is complete, a putting green will be installed. The property also offers a full-time concierge, a full-time maintenance person, a health and fitness facility, and interior parking.
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Stone Harbour South (foreground), The Namquit Mill Building (middle), and the Coats American and Premier Threads Building are the three structures that comprise Stone Harbour Condominiums.
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“We took extensive efforts to maintain the historic integrity of the buildings,” Crump explains. “The premise of this project was to preserve the charm of two historic buildings, rather than to tear down and rebuild.”
The structures to which Crump refers are the 1940s Coats American and Premier Thread building, which maintains the original bricks on its façade as well as parts of the original entrance. StoneStreet underwent construction on top of the original thread factory's footprint, and the interior of the building, which houses 46 residences, is entirely new. The other historic structure on the property is the 1840s-era Namquit Mill building. The white stone and granite exterior of the old mill have been maintained, and StoneStreet even reconstructed a cupola that a 1938 hurricane demolished. On the interior, original beams and heavy timber construction offer a loft-like feel to the eight duplex-style condominiums housed within. Adding to the development's unique attributes is the fact that the third building is completely new; however, the architectural style of the new edifice maintains the character of the project and of the area. Prellwitz Chilinski Associates provided architectural services for the development, and StoneStreet consulted with Bristol's Historic District Commission and Rhode Island Historic Preservation officials in order to create a design with accurate likeness to the historic character of the pre-existing buildings. Other companies involved with the project included construction management company StoneStreet Construction Corporation and engineering consultants Fuss & O'Neill.
“In developing a luxury condominium, we wanted to create an atmosphere that appeals to a variety of different buyers,” says Crump. “The larger demographic is empty nesters that are ready for a lifestyle change and ready to take on condominium-style living; but in addition, we appeal to those who want to continue living on the waterfront and those who have always dreamed of living on the waterfront.”
Regarding promotion of the project, Crump explains that a strong portion of the marketing effort has been through word-of-mouth, since many of the buyers already have ties to the community of Bristol. Many buyers have been attracted simply by the unique living opportunity presented at Stone Harbour.
“The value of Stone Harbour's location cannot be overlooked,” Crump continues. “If someone enjoys city or downtown living, that aspect is not lost; residents can walk to local attractions and services, and if they want quiet scenic views and waterfront living, those attributes also are available here.”
Along with improvements to the downtown Bristol area, Stone Harbour is having a positive impact on the entire market. Property values in this area are establishing the city as a destination for potential homebuyers, and with a revitalized downtown and waterfront, the city is attractive to travelers and tourists as well.
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