The Procaccianti Group's presentation included a preliminary economic impact analysis of the project. The draft report said the construction of hotels, restaurants, recreational and entertainment venues, and office and retail space would create 2,800 jobs, generate $280 million in sales and produce annual state and local tax revenues of $31.2 million.

The project represents a $2-billion investment, with $1.4 billion of that to be spent in Rhode Island, according to that presentation.

Beyond the 24-acre Newport Grand site, Procaccianti is eyeing another 30-plus acres nearby to redevelop. Some of the land is owned by the state and might be put up for sale during the proposed realignment of the Pell Bridge ramps, while other parcels are part of the former Naval Hospital site that sits on Narragansett Bay and could one day be declared surplus property by the federal government.

Calling the project O2 Newport, Procaccianti's draft proposal envisioned a five-star hotel, possibly the Ritz-Carlton, a spa and wellness center, restaurants, stores, an indoor water park and an indoor complex for recreational sports. The development would also feature office space and luxury condos and apartments, to create an environment where people can live, work and play.