Providence Place has been sold to a partnership of Paolino Properties, Pyramid Management Group and DW Partners, the group announced Thursday morning at a press conference at the mall with Mayor Brett Smiley.
The ownership brings the property back to figures involved in its creation. Joseph R. Paolino Jr., CEO and managing partner of Paolino Properties, is a former Providence mayor and former state director of economic development. Pyramid founder Robert Congel was the mall’s original developer; his son, Stephen J. Congel, now leads the company. Aaron Bryson of DW Partners, an equity investor in the group, is also a Rhode Islander.
“Providence Place has played an important role in the evolution of downtown Providence for more than 25 years, and we believe strongly in what it can be for the next 25,” Paolino said. He recalled working with Robert Congel while mayor to lay groundwork for the project, and later traveling to Seattle as state economic development director to help recruit Nordstrom as an original anchor.
Stephen Congel called the purchase a full-circle moment. “My father had the vision to develop Providence Place and believed deeply in what this property could mean for downtown Providence,” he said.
The group says it will focus on attracting new tenants, reinvesting in the property and improving the experience for shoppers, building on stabilization work done during receivership that included upgrades to security, maintenance and infrastructure. Working with the city, the owners expect to explore improvements to traffic circulation, parking and access, including possible valet service.
Smiley said he was happy to see owners who understand Providence take over. “This is an exciting opportunity to build on the mall’s successes,” he said.
The partnership expects to announce details on new tenants and property investment as plans progress.
