Washington Trust Provides $8.5 Million to Rebuild Iconic Block Island Hotel

Washington Trust Finances the Reconstruction of Block Island's Harborside Inn

The picturesque Harborside Inn, well-known for its fantastic location across from the Block Island Ferry terminal, is set to undergo a significant transformation following a devastating fire in August 2023. The Washington Trust Company has stepped in to help, providing a robust funding of $8.5 million to VVO Real Estate Holding, LLC to facilitate the property's redevelopment efforts.

Located at 41 Water Street in New Shoreham, Rhode Island, the Harborside Inn has been a treasured part of the community. The upcoming project aims to breathe new life into this landmark, which will feature a full-service hotel boasting 33 rooms, alongside leasing opportunities for a restaurant and ten retail spaces. This revival is expected to make a crucial impact on the local economy and tourism, restoring an essential hospitality and commercial asset to Block Island's vibrant waterfront district.

Joseph Confessore, the senior vice president and managing director of commercial and private banking at Washington Trust, expressed the emotional ties the bank has with the community. "The destruction of the Harborside Inn hit close to home for Washington Trust. Our local branch has been part of the Block Island community for more than four decades, and we know the challenges the temporary closure has posed for residents, businesses, and visitors alike," he remarked. He added that the bank is honored to support such a crucial venture.

David Kmetz, vice president and team leader of commercial banking at Washington Trust, highlighted the historical significance of the Harborside Inn. "I've worked with the owners since they purchased the property in 2002, and I've witnessed their unwavering commitment to restoring this landmark," he said, emphasizing the bank's pleasure in supporting the project.

Michael Finnimore, a principal at VVO Real Estate Holding, LLC, acknowledged Washington Trust's steadfast support during one of the most challenging periods in his life and business. "During a difficult time, Washington Trust never wavered. They believed in the future of the Harborside Inn and helped make the rebuilding process possible," he stated emotionally, reflecting on the bank's loyalty and confidence in the project.

Having enlisted The Haynes Group, based in West Bridgewater, Massachusetts, to manage the construction, the project is on track for completion by May 2027. This redevelopment not only signifies a restoration of a cherished landmark but also illustrates Washington Trust's commitment to enhancing the lives and businesses across New England.

Founded in 1800, The Washington Trust Company is the oldest community bank in the nation and holds the distinction of being the largest state-chartered bank headquartered in Rhode Island. As a key player in New England's financial services industry, Washington Trust offers a comprehensive range of banking and wealth management services, demonstrating a consistent commitment to improving financial lives in the community it serves.

The move to finance the Harborside Inn's redevelopment underscores the bank's role as a pillar of support for its community, fostering growth and resilience in the face of adversity. As excitement builds around the project, the return of the Harborside Inn is anticipated to re-establish a beloved destination for both locals and visitors alike on Block Island’s waterfront.