NEW: City Announces Plan to Save Historic Facade
Monday, November 14, 2011
Providence Mayor Angel Taveras and the preservation community today announced a new plan for the Providence National Bank Building façade at 43 Weybosset Street in the downtown financial district. The Mayor and the Providence Preservation Society were joined for the announcement by property owner O’Connor Capital Partners, the Providence Revolving Fund and neighboring merchants and residents.
Steel bracing that has blocked pedestrian access along the façade for the six years since plans for development of the property stalled will be moved to the rear of the façade, allowing the sidewalk to be repaired and reopened to pedestrians. In addition, the masonry of the façade will be restored and made weather-tight, in order for it to be incorporated into future construction on the site. Work on the façade is expected to be complete by January 2012.
“My administration was pleased to work with our city’s preservation community and O’Connor Capital Partners to save the historic Providence National Bank Building façade. Providence has long been a national leader in historic preservation, and our city looks and feels special for a reason – we value our history and care about our urban environment,” said Mayor Taveras.
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The 1950 historic bank building façade was saved as part of a demolition concession in 2005 when developers proposed to build a residential tower on the abutting property. That project stalled with the severe change in market conditions for real estate development.
The new plan for long-term preservation of the façade is being supported in part by a $100,000 loan from the Providence Revolving Fund.
Clarke Schoettle, executive director of Providence Revolving Fund said, "At this time, the Revolving Fund is also financing the restoration of the old Custom House Tavern Building for offices and a restaurant and is assisting with the conversion of the old Providence Gas Building for residential and commercial use. With the combination of public and private investment, we are seeing the regeneration of Weybosset Street. It's a great thing."
O’Connor Capital Partners is owner of the stalled residential tower project site, having acquired the bank building façade and adjacent property in 2005.
O’Conner Partner Brian Fallon stated: “O’Connor is pleased to have the support of the preservation community and to be part of a solution that will bring back a pedestrian friendly environment surrounding the property. As a Providence resident I personally understand and appreciate the unique character of the historical buildings. Moving the bracing and restoring the masonry on the façade, along with the interim plan for surface parking, takes us one step closer to ultimate preservation of the site, while improving conditions for pedestrian and merchant access today.”
Residents and merchants gathered at the celebratory announcement and reception that followed at DownCity Restaurant.
"We are excited about this turn of events, and optimistic that this eyesore will become an attraction and increase foot traffic on the block," said David O’Brien, owner of Picture This Gallery, and co-chair of a group of concerned Downcity business people.
