Providence Place officially has new owners — and they have big plans for the landmark downtown mall.
Paolino Properties, Pyramid Management Group and DW Partners announced Thursday they have closed on their acquisition of the mall, promising new tenants, fresh investment and improvements to one of Rhode Island’s most important commercial properties.
The deal puts some familiar names back at the helm.
Former Providence Mayor Joseph R. Paolino Jr., CEO of @paolinoproperties, helped lay the groundwork for the mall decades ago and later, as Rhode Island’s economic development director, was part of the effort to lure Nordstrom to Providence as an original anchor.
Now he’s coming back as an owner.
“When I was Mayor, it was my dream to bring major retail to downtown Providence,” Paolino said. “Now, more than a quarter-century later, I have the opportunity to help shape Providence Place’s next chapter.”
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