Rocky Point developer pulls out
WARWICK, R.I. --There's more uncertainty about the future of the Rocky Point amusement park property in Warwick.
Mayor Scott Avedisian said Tuesday that a development group headed by Leach Family Holdings has decided not to purchase the 83-acre site after spending three months examining development options.
Leach, operating as Rocky Point Partners LLC, had agreed to pay $15.6 million for the property.
The U.S. Small Business Administration is the court-appointed receiver for the property. Avedisian says it is his understanding the agency will continue to market the land.
The city has already paid $4.4 million for 41 waterfront acres of the former amusement park that closed in bankruptcy in 1995.
------Information from: The Providence Journal, http://www.projo.com/ 