NEW: Paolino Properties Acquires Fletcher Building for $2.8 Million
Thursday, November 12, 2015
Paolino Properties has announced that they have acquired Providence's Fletcher Building. The building, constructed in 1868 was acquired from local developer Harold Schein for $2.8 million.
“We are very excited about the purchase of The Fletcher Building as it aligns perfectly with both our acquisition strategy and our commitment to Rhode Island’s growing economy. It is truly a historic gem nestled beautifully in the heart of downtown Providence," said Joseph Paolino, Jr. Managing Partner of Paolino Properties.
The Fletcher Building is located on the Providence River near the Smith Hill and College Hill neighborhoods.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPaolino has been on a buying spree in Rhode Island and across the state. He purchased a number of signature downtown buildings two years ago as well as the Hasbro campus. In addition, he controlled and then sold Newport Grand Casino and sold it to Twin River.
The building is listed on the National Register of Historic Places and originally stood with several textile buildings within a four acre mill complex once operated by the Fletcher Manufacturing Company.
Over the years, the mill complex would house a variety of manufacturing companies including the International Braid Company. A 1970's fire would destroy most of the complex, however, the Fletcher Building was salvaged and received designation as a historical landmark in 1973.
Paolino added, “Providence is rich in history and our company prides itself on being good stewards of the city’s iconic buildings while bridging the past to the future. Providence is a dynamic city and we have great confidence in its economic direction, and we will continue to invest in desirable locations throughout the city that can provide cutting edge facilities for businesses and their employees.”
Paolino Properties
Paolino Properties was founded in 1900 and is a fourth generation, family-owned and operated real estate investment, development, and management company.
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