Top Realtor Cullion Talks About the Critical Importance of Saving Providence Place Mall
GoLocal LIVE
Top Realtor Cullion Talks About the Critical Importance of Saving Providence Place Mall
Top realtor, Josh Cullion, joined GoLocal LIVE this week after the news that Paolino Properties and Pyramid have purchased the Providence Place Mall out of receivership.
“I’m confident Joe [Paolino] can take it to the next level and see what happens, I mean, a revitalization of the spaces, I think, is potentially something that could be a good change,” said Cullion, who is a realtor for Mott & Chace Sotheby’s International.
On Wednesday, Paolino was part of an investment group with Pyramid Group, which received a recommendation from the receiver, Mark Russo.
After a break, Superior Court Judge Brian Stern approved the recommendation.
The deal is likely to close in August or September, Paolino told GoLocal.
The previous owner, Brookfield, had defaulted on more than $250 milllion of debt.
“I don't know if it would be all retail. Maybe they can do it can be some type of mixed-use and really kind of revitalize the entire footprint there.” The benefit of Paolino and local ownership was critical.
“It’s the it's who's in place as opposed to the cash. I know it's a lot of cash there on the table, but the the right choice was made,” he added.
Cullion discussed the importance of saving Providence Place and avoiding both the Superman Building and Providence Place from being vacant.
“Look, that's the blessing, the silver lining, and the blessing here. It's locally saved and owned by the right entity. It was probably a no-brainer behind the curtain, quite frankly. You know, we're relieved, and I'm relieved. I'm sure everybody else is,” Cullion added.