The most-visited shopping centre in the state of Rhode Island is now back in the hands of the developer that opened it in the 1990s.
Syracuse-based Pyramid Management Group, in partnership with Paolino Properties and DW Partners, has closed on the purchase of Providence Place, the 1.4 million square feet retail centrepiece of the state’s capital and its largest mall.
“We are thrilled to welcome Providence Place back to the Pyramid portfolio,” said Pyramid’s CEO Stephen Congel. “The centre is optimally positioned in the market and we couldn’t be more excited to elevate this iconic property to new heights.”
Pyramid vows to make an immediate impact at the mall that will include aesthetic enhancements to the common areas, new dining and entertainment tenants and the implementation of Pyramid’s gold standard security program with a promise to bring “new energy to the thriving Rhode Island and Southern New England markets”.
The acquisition of Providence Place builds on a year of strong momentum for Pyramid, marked by more than $500M in long-term refinancings at multiple properties and continued investment in several significant projects, diversifying its locations with the addition of hospitality, residential and medical uses.
