Prominent Downtown Providence 28-Story Office Tower Scheduled for Auction
GoLocalProv Business Team
Prominent Downtown Providence 28-Story Office Tower Scheduled for Auction
The 28-story building, originally built as the home to home for Hospital Trust Bank in 1974, is facing an uncertain future.
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Plummeting Value
On May 29, 2007, the tower sold for $65,650,000.
The Class A office Tower sold again in August of 2018 for $51,750,000. GoLocal reported on that sale in 2018.
According to the City of Providence’s tax assessments, the value of the property has continued to plummet.
In 2021, the city assessed the value of the building at $49,634,400, and in this year’s assessment, the value has dropped to $40,256,600
According to city tax records, the owner is Providence Financial Plaza LLC c/o JFR Global Investments. The firm owns office buildings up and down the East Coast.
The public auction will be held on April 10 at 11 AM at the building, according to the auction house.
According to the auction notice:
Terms: DEPOSIT OF TWO HUNDRED FIFTY THOUSAND DOLLARS BY CERTIFIED OR BANK CHECK AT TIME AND PLACE OF SALE, ADDITIONAL (5%) OF THE SUCCESSFUL BID WITHIN (7) CALENDAR DAYS OF SALE. OTHER TERMS AND CONDITIONS WILL BE ANNOUNCED AT THE SALE.
Description: PROMINENT CLASS A TOWER SOARING 28 STORIES, APPROXIMATELY 367,000 SQ. FT., G.B.A., CONSISTING OF PRIME AND PROFESSIONAL UNITS. THIS EXCLUSIVE PROPERTY IS LOCATED IN THE HEART OF DOWNTOWN’S BUSINESS DISTRICT.