Developer gets an apology from Redevelopment Authority

Still in business, Rhode Island-based Bentley Companies has received a public apology after town officials incorrectly stated the company had dissolved and cited that as the reason for terminating its agreement to redevelop the historic Tremont Nail Factory complex. 

The apology came during a May 28 Wareham Redevelopment Authority meeting, two weeks after authority members discussed a termination agreement that had been sent to the company  chosen as “master developer” in 2021. 

A master developer is a company selected to oversee the planning and redevelopment of an entire property or district. Bentley Companies proposed utilizing the factory for office spaces, housing, retail establishments and a waterfront community park. 

Following the town's public statements about the termination of the redevelopment agreement, representatives of Bentley Companies and its attorneys contacted town officials to dispute claims that the Rhode Island-based firm had dissolved. 

Bentley Companies principal Jason Pannone wrote in an email to Wareham Week that he was "surprised" to hear of the contract termination. Pannone said company officials’ understanding was that the Tremont Nail project was placed on hold pending resolution of issues with the failing Parker Mills Dam, which underpins part of the old nail factory.  

“Any suggestion that Bentley Companies is no longer operating is false. We have strong presence in New England and have completed more than 325 projects. Bentley has extensive experience working with both public and private owners," Pannone wrote.   

Pannone said the property is an "exciting redevelopment project" that has the potential to move forward. 

Town Administrator Derek Sullivan said the town still intends to terminate the original development agreement with Bentley. Any future redevelopment effort involving the property would require a new request-for-proposals process.

"I think we would invite anybody to reapply, including Bentley," Sullivan said. "I don't have any animosity."

It is not clear whether the company intends to contest termination of the “master developer” agreement. The company’s strongest objection was to Wareham officials publicly saying the company may be out of business.

Peter Teitelbaum, attorney for the Redevelopment Authority, said that remarks made during the authority's May 14 meeting incorrectly suggested Bentley Companies was dissolved. An internal email making the same claim was also read into the public record.

Teitelbaum said a subsequent review of records maintained by the Rhode Island Secretary of State confirmed Bentley Companies "are still in business and have been in business."

"Accordingly, the WRA formally apologizes to Bentley Companies," Teitelbaum said.

The authority also voted to rescind "any and all prior misstatements of fact" suggesting Bentley Companies had dissolved or ceased operations.

Teitelbaum said he spoke with Bentley Companies representatives before the May 28 meeting to outline the corrective actions that would be taken.

Bentley was selected in 2021 as master developer for the former Tremont Nail Factory site, a historic waterfront property acquired by the town in 2004 using $1.39 million in Community Preservation Act funds.

The company proposed a mixed-use redevelopment featuring retail space, restaurants, office space, public waterfront access and potential residential units. Plans included preserving historic factory buildings while adding amenities such as a waterfront restaurant, event venue, museum space, kayak rentals and a public boardwalk.

Town Meeting approved a long-term lease agreement with Bentley in 2022.

Sullivan said no money changed hands between the town and Bentley under the master developer agreement.

"The master developers had to develop the whole site," he said. "Money would have changed hands further down across it."

Sullivan said the town remains committed to redeveloping the property but believes the nearby Parker Mills Dam remains a significant obstacle to progress.

"We're still interested in the site being redeveloped," Sullivan said. "We know that the dam has been an obstruction for the redevelopment of it."

According to Sullivan, the town is working through grant applications and engineering studies tied to a potential dam removal project that could cost between $8 million and $10 million.

"We're more concerned with getting everything done for a solution to take it down and utilizing grants to get that done," he said.

The Tremont Nail Factory, which dates to the early 1800s, was once home to one of the nation's oldest cut nail manufacturing operations and has remained largely vacant for decades. A timeline of when the dam project will be complete is unknown.