Paolino Properties Buying RDW Building
Monday, February 06, 2023
One of the most visible locations in Providence on Route 95 is being sold.
The advertising agency RDW Group is selling its building to Paolino Properties. The price is about $3.1 million.
The ad agency transformed a former auto dealership on Smith Street into a working creative space for more than 100 employees in the late 1990s.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe building is owned by a sister company to the ad agency — RDW Realty.
"We are looking at a number of the locations, but have not made a final decision," said Phil Loscoe, chair and managing partner of RDW Group, of a new location for the business.
"We have 35 employees now in Providence and so parking is a factor," added Loscoe. RDW continues to be one of the largest communications firms in RI and also has an office in Boston.
In recent years, the Smith Street property's assessed value was lowered from $2,656,100 in 2021 to $1,896,100 in 2022.
“The building has great exposure and tremendous parking. We have a lot of options for its future,” said Joseph Paolino, managing partner of Paolino Properties.
The building is located a few hundred yards from the Rhode Island State House.
Regine Pontiac
Prior to being transformed into an ad agency, the building, which was built in the 1920s, was home to Regine Pontiac.
The dealership closed in the early 1990s at the Providence location and opened in Johnston. The family sold the dealership.
General Motors, the parent company of Pontiac, ended the production of the vehicles in 2010.
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