Narragansett Bay Insurance recommits to Pawtucket

Narragansett Bay Insurance recommits to Pawtucket

But the company may not stay on Main Street

PAWTUCKET – Officials from Main Street mainstay Narragansett Bay Insurance Company have recommitted to staying in Pawtucket, though they say the company’s future is likely not on Main Street.

Stewart “Nick” Steffey Jr., the founding shareholder of NBIC Holdings Inc., told The Breeze that the company, first founded in 1848, and on Main Street since 1906, is experiencing continued growth. The company “is remaining in Pawtucket for the foreseeable future,” executives informed Mayor Donald Grebien, but “not necessarily” in its current location, he said.

Executives want to be included in any ongoing “major infrastructure opportunities” being considered and planned by Grebien and others for Pawtucket, especially as they relate to the future of the Pawtucket Red Sox and the planned future train station just up the road, said Steffey.

A combined 38,000 square feet of space at 25 Maple St. and 217-235 Maple St. remain on the market for $3 million through Hayes & Sherry, but Steffey said the company will not leave that spot until both a new location in Pawtucket is found and a new use is determined for the existing building. He said there is no desire to “leave another vacant building in Pawtucket,” especially on Main Street.

NBIC is up from 19 employees originally to 103 employees, said Steffey. That growth demands “the best space layout” possible, he said, something the company doesn’t have right now.

The original intent was to sell the building and “look at other options” right away, said Steffey, but company officials are now back in the mode of staying where they are for now and moving when the time is right.

The company has about 100 parking spots behind its downtown buildings.

NBIC is currently “blessed with strong revenue growth,” said Steffey, with about $300 million in revenue expected this year. The company is “open to new ideas” on its future, but representatives also feel like they’d be “more responsible” if they achieve “proper disposition” of their current building before finding a new spot, he said.

Pawtucket hasn’t seen this kind of business growth and potential in some time, said Steffey, and Grebien is leading the charge as mayor. The “overall commitment” to business from Grebien, the Pawtucket Foundation and others has the city looking at “substantial growth opportunity,” he said.

“We’re open to working with the city on options that the mayor and Pawtucket Foundation are developing,” he said.

A feasibility study being done on McCoy Stadium to determine options for the PawSox will bring clarity on the future, said Steffey. NBIC could be part of development at the existing site of McCoy Stadium or at other potential locations for the team in the city, he said.

Grebien said on Monday that he is always meeting with local business owners to discuss issues and promote their successes. He said his “commitment to the revitalization of the downtown area, and city as a whole, is leading to many success stories,” including NBIC, Sara Bella Jewelry, The Isle Brewers Guild and the train station, among others.