Paolino Makes Major Acquisition — $16.5 Million
GoLocalProv Business Team
Paolino Makes Major Acquisition — $16.5 Million
Providence developer and former Mayor Joseph Paolino has made another major investment in Providence.
Paolino announces that Paolino Property has purchased four major parking properties -- totaling 832 spaces.
Paolino Properties has acquired four strategically located downtown Providence parking facilities from Granoff Associates LLC, for $16.5 million.
The acquisitions further advance Paolino's long-term vision of strengthening this important gateway to downtown Providence through strategic investment, historic preservation, and thoughtful stewardship.
“Successful cities are built through long-term investment, thoughtful planning, and a commitment to creating vibrant places where people want to spend their time,” said Paolino. “This acquisition reflects our continued confidence in downtown Providence and our long-term commitment to investing in its future. For decades, we've focused on preserving historic buildings, investing in transformative projects, and strengthening the economic vitality of downtown Providence.”
Paolino added, “As downtown continues to grow, accessible and professionally managed parking becomes an increasingly important part of the overall experience. These acquisitions strengthen the infrastructure that supports our properties while making downtown more convenient and accessible for everyone who lives, works, visits, or does business here.”
The facilities will be managed by DownCity Parking, a provider of parking management services in downtown Providence.
The acquired properties include:
- 66 Weybosset Street – Arcade Garage: 617 parking spaces
- 36 Pine Street – Erector Set Garage: 79 existing parking spaces
- 11 Pine Street: 100 parking spaces
- 18 Custom House Street: 36 parking spaces
According to the announcement, "A key component of the acquisition is 36 Pine Street, commonly known as the Erector Set Garage. Although originally designed with three parking levels, the structure currently operates only its lower level with 79 parking spaces. Paolino Properties plans to rehabilitate and modernize the garage by restoring the upper levels, which will increase its capacity to approximately 250 spaces."
"The project also envisions a thoughtful redesign of the garage’s exterior, including collaborations with local artists to transform the structure with large-scale murals and public art installations. Once complete, the revitalized garage will restore critical parking capacity in the heart of downtown while enhancing the surrounding streetscape and supporting the continued growth of downtown businesses, residents, hotels, visitors, and future development," Paolino Properties.
In April, Paolino and Pyramid Group were awarded the Providence Place Mall by the receiver for $133 million. That deal is expected to be finalized in September.
In addition, Paolino owns a vast collection of office and residential properties primarily in downtown Providence, including Case-Mead, 100 Westminster, and the Amica Building, to name a few.
Granoff
Granoff may be best known for his transformation of the historic Arcade building in Providence — first to micro apartments and then to condominiums.