Developers seek to make offer for Rocky Point
06/11/2002  The Providence Journal

WARWICK -- A consortium of developers wants to make a purchase offer on the former Rocky Point amusement park, but needs the approval of the U.S. Small Business Administration, Rocky Point's largest creditor.

Rocky Point Land Company, LLC, proposes to build high-end condominiums on the 124-acre parcel on Warwick Neck, while reserving its mile-long shoreline and some open space for public use.

U.S. Rep. James R. Langevin announced the proposal yesterday in a news conference at the dilapidated park, which has suffered from vandalism since it was closed, in 1995. The amount of the offer was not disclosed.

The U.S. Bankruptcy Court put the property on the market three years ago, with an asking price of $10 million, but the liquidation effort was stayed when the SBA put Rocky Point into receivership in U.S. District Court.

Andrew Richardson, the U.S. Trustee in the Bankruptcy Court case, cannot present the purchase offer to the Bankruptcy Court unless the SBA agrees. In an attempt to gain that support, Langevin has arranged a June 20 meeting in Washington, D.C., with SBA officials. Mayor Scott Avedisian endorsed that effort yesterday and said he hoped it would generate some progress toward a sale, if not to Rocky Point Land Company, then some other developer.

The offer may serve to "bring everyone who has an interest in Rocky Point to the table," Avedisian said. "After all these years with no movement whatsoever, I think people have become frustrated with the bankruptcy process."

Rocky Point Land Company is a joint venture by two local developers, Michael Integlia & Company, of Providence, and Hugh A. Fisher of Warwick, and Leyland Development LLC, of Tuxedo, N.Y. Their offer on Rocky Point remained confidential yesterday, and was not a part of the court record.

Richardson said yesterday he had met with company officials and would like to present their offer to the Bankruptcy Court "but I can't do that unless and until the SBA agrees." The SBA has objected in the past when Richardson has sought to bring purchase offers to the court.

Of the June 20 meeting that Langevin was organizing yesterday, Richardson said, "If they could have some influence with the SBA, that would be terrific. I have to start with an initial offer. If we can get that, I'm convinced that other buyers who have expressed interest will come forward and we can have some real competition for this property."

"I believe there are a number of other buyers out there," he said. Councilman Carlo Pisaturo, who represents Warwick Neck, said he knew of two other developers who would bid on the property if the U.S. Bankruptcy Court were permitted to schedule an auction.