Buying Spree Continues: Paolino Purchases Former Peoples Savings Bank Building at 70 Kennedy Plaza
Wednesday, March 01, 2023
If there is one group that believes in the future of Providence, it is Paolino Properties. The company is continuing its buying spree.
On Wednesday, Paolino Properties announced it is buying 70 Kennedy Plaza, historically known as the Peoples Savings Bank Building.
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New Acquisition
Built in 1947, the building sits between Kennedy Plaza and Westminster Street. The closing date for the acquisition is today, March 1, 2023.
“I purchased this building because it is important to me that we create a lively and attractive neighborhood in downtown Providence for our residents, businesses and visitors. For far too long, I have watched the downtown area, particularly this building, deteriorate through neglect,” said Joseph R. Paolino Jr., Managing Partner of Paolino Properties. “I have always believed in a vibrant downtown and will continue to do so, which is why I have invested in the immediate neighborhood.”
70 Kennedy Plaza was previously owned by an out-of-state company, which left it in dire need of repairs due to neglect. In recent years, the building’s ground floor commercial space has been vacant since the departure of CVS. It currently houses several residential tenants on the upper floors.
“Our only immediate plans for the building include maintaining its infrastructure and finding a tenant for the building’s ground floor retail space,” Paolino said.
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