Quonset Development Corporation Announces Management Change
July 13, 2007 | Print this page | Share This | Email this page
Rhode Island Economic Development Corporation (RIEDC) executive director and Quonset Development Corporation (QDC) board chairman Saul Kaplan today announced the departure of QDC CEO Geoff Grout. Grout's departure will be effective immediately.
"Geoff Grout is a great real estate professional. He made an important contribution to the growth of QDC during his service and I appreciate his work," said Kaplan. "To position the business park for accelerated growth and job creation—something we all agree is vitally important to the state's economic prosperity—we need to strengthen QDC's relationships with key stakeholders. Stronger relationships with the town of North Kingstown, the RIEDC, other state agencies, and the General Assembly will be critical to QDC's success in its next stage of development and central to our ability to fully leverage the park as a tool for economic growth."
Development progress at Quonset has shown that there is a strong demand in Rhode Island for a large-scale, first-class business park.
- Today, the business park is home to more than 150 businesses employing more than 8,000 workers.
- In 2001, two to four acre parcels were selling for $100,000 an acre. Today, parcels are selling for $200,000 an acre.
- Major infrastructure investments in freight and road improvements now allow segregated, direct access to Quonset, making it one of the best multimodal facilities in the country.
- The Kiefer Park district of Quonset, formerly home to US Navy Housing and a salvage yard is now developed into an attractive campus setting and is virtually sold out.
- Private developers have invested approximately $175 million dollars at Quonset.
- Businesses have located corporate headquarters, distribution centers, and light manufacturing facilities at Quonset representing investments of $41.3 million for either new or expanded buildings. Another $180 million in new development is pending.
The time is now, said Kaplan, to build on this momentum and strengthen the foundation for QDC's continued growth. "The team at QDC has done a great job getting us to this point. Moving forward, we need to create stronger relationships with key stakeholders in order to accelerate the build out of the park and fully realize Quonset's job creation potential. By working together we will take full advantage of this important state asset."
Day-to-day activities at QDC will continue to be managed by QDC chief operating officer Steven J. King, P.E. King will assume Grout's duties in his role as COO. The North Kingstown resident and professional engineer has been a member of the QDC and its predecessors at Quonset since 1998. He served in both Desert Shield and Desert Storm with the US Army as a combat engineer officer in the 588th Engineer Battalion. He was awarded the Bronze Star.
"With the critical groundwork in place and the momentum that has been created, Quonset is poised to move forward with its ambitious plans," King said. "We are positioned to create even more sites for business development that will bring good paying jobs to Rhode Island and the best return to taxpayers on their investment."
About the Quonset Development Corporation
The Quonset Development Corporation (QDC) is a special purpose subsidiary of the Rhode Island Economic Development Corporation, a quasi public company, responsible for the development and management of the 3000+ acre Quonset Business Park. QDC develops and manages the Quonset Business Park in accordance with the QDC Master Plan and in the best interests of the citizens of Rhode Island to attract and retain successful businesses that provide high quality jobs. For more information visit www.qdcri.com.
Contact
Melissa Withers
401.278.9134
