Procaccianti Group buys Newport?! Well, not quite. But the company’s plan to buy Newport Grand, the casino, for $155 million, as part of a future — albeit still speculative — $1.4 billion development that could change the face of Newport is very good news. We believe that the project, if it comes to full fruition, would make Newport more attractive and prosperous, and draw many more people to our region, from near and far — and for far more than gambling, which is due to expand at Newport Grand in any case.

Procaccianti is a classy and very well-financed developer. In Newport, it wants to use “New Urbanism” ideas to create a neighborhood that could include, besides an expanded casino, a luxury hotel, stores, residences, entertainment, physical recreation and other amenities in a truly urban — and urbane — center. This would be in the area around the present casino to be freed for development when the state starts realigning Newport Bridge access roads and ramps.

The new pedestrian-friendly urban center, in the North End of one of America’s oldest and most storied small cities, would have a wide variety of building sizes and architectural styles to go with its wide variety of services, which would include trains and water transport — a far cry from the suburban-sprawl approach that has defaced so much of America.

The redeveloped area would be a gateway to Newport from the west. It would draw on the city’s strengths as a tourist, shopping and entertainment center and add to them by making a whole new part of Newport an exciting venue to visit or live in.

And note that the Procaccianti plan bears a comforting resemblance to the city’s very well done draft master plan for the North End. That may suggest the city and the company can readily agree on the basic outline of the project as more details are solidified. It also reminds us that the city and Newport Grand have been in a legal dispute about expansion plans at the casino, with that company arguing that the state, not the city, has the authority over certain building issues. The matter is in Superior Court. As a matter of general principle, we believe that the locality should have the final say over such decisions. But all this could soon be made moot by the Procaccianti news. We shall see.

Given the company’s reputation and how its North End plans dovetail so well with the city’s master plan, we’re hopeful that things will work out, first with the casino and then with the wider, visionary project.