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video: NEW: Pane e Vino Owner to Open at Mediterraneo Space at Gateway to Federal Hill

Saturday, November 14, 2015

 

Image from Pane e Vino

 

Pane e Vino Ristorante owner will be taking the location on Atwells which previously housed the Mediterraneo for nearly two decades, GoLocalProv has exclusively learned.

Joseph DeQuattro’s award winning Pane e Vino owner will open a restaurant at the gateway location to Federal Hill.

The building and two adjacent properties sold for over $1.75 million and the restaurant alone sold for $1,425 million -- one of the highest prices in RI for a restaurant in the past few years.  According to mulitple sources close to the deal, DeQuattro will lease the space from the new owners of the building. The value of the entire deal was $2.2 million.

As GoLocal was first to report last Saturday, The Marrocco Group announced that its restaurant Mediterraneo a fixture on Federal Hill was closing.

In a statement to GoLocal issued tonight:

"Determination, sacrifice, superior service and food have helped shape the success for 18 years at Mediterraneo," said Rick Simone spokeperson for the Marracco group.

"The sale of Mediterraneo and the associated properties was truly and offer Mr Marracco could not refuse. This will certainly be recorded as one the larger restaurant transactions on Federal Hill.
With the closing of the sale complete I look forward to the opening of the Biergarten and the enhancements we can accomplish at Caffe Dolce Vita," said Gianfranco Marracco

Outstanding Mediterraneo gift certificates will be honored by the new owner.

Mediterraneo was long known for celebrity guests and creative offerings, atmosphere and award winning service will close at 11 pm on Saturday after traditional dinner service. 

Gianfranco Marrocco on behalf of the The Marrocco Group said he “has received an offer he could not refuse” which includes the real estate sale of the building and two abutting residential houses. 

Mediterraneo has been for sale along with a couple of surrounding buildings over the past year. 

Pane e Vino which was founded in 2002 is about classic Italian food, “I knew that its foundation had to be all about hospitality and comfort food…….the foods that I grew up with. Fresh, simple & honest,” says DeQuattro about his restaurant exisitng location on Atwells.

“With the assistance of some amazingly talented and dedicated people I have created one of Providence’s most accomplished and celebrated restaurants. I am a second generation Italian American born in Providence, Rhode Island. When I first introduced Pane e Vino in 2002 I knew that its foundation had to be all about hospitality and comfort food…….the foods that I grew up with,” according to the restaurant’s website.

 

 

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