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FOR IMMEDIATE RELEASE
ADDITIONAL APARTMENTS SLATED FOR DOWNTOWN
O'Gorman Building to be added to Alice Building Development
Paolino Properties of Providence announced the sale of the O'Gorman/ Burgess Buildings at 222 Westminster Street, Providence to Cornish Associates headed by developer Arnold "Buff" Chace. Paolino Properties had previously developed plans for the conversion of this site to apartments and residential living space. This property sale will allow for these conversion plans to continue under the direction of Cornish Associates.
Joseph R. Paolino, Jr. described the sale as an important step toward a "consolidated Downcity development effort" aimed primarily toward residential apartments and lofts. Paolino stated, "I congratulate Buff Chace and Cornish Associates on the acquisition. I am also quite pleased that Cornish will continue our conversion plan toward residential living space." I addition, Paolino also stated "I feel that it is right that this site has one developer." The sale of this Westminster Street site now creates "a development corridor" bordered by Fulton, Middle, Union, and Eddy Streets. This "corridor" site consists of more than 56,000 square feet of land and more than 360,000 square feet of residential living space to be developed in the downtown Providence area.
The O'Gorman building is a six-story, brick-sheathed structure with retail storefronts on the first level. Plans call for the development of twenty-five (25) residential apartments at the O'Gorman site, which now will be added to the approximately 170 apartment units presently slated for development by Cornish in this corridor area. Paolino Properties however will continue to own and develop the "Hannah Green Building" which presently houses City Year and Daily Bread.
Paolino stated that this property sale consolidates "this development mass" under the direction of one developer with a single focus, thereby creating uniformity and continuity with regard to future development plans. In addition, this sale also allows Paolino to totally focus his efforts on other developments especially the Parcel 12 hotel development plans, the on-going development of the former Narragansett Brewery site in Cranston, the final stages of the renovation of the former Blue Cross building (now 1 Cookson Place, Providence) at Weybosset/Empire Streets and to complete plans for new acquisitions.
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Paolino Properties, Joseph R. Paolino and Joseph R. Paolino Jr., 76 Dorrance Street, Providence, RI 02903
Phone: 401-274-6611 Fax: 401-571-7088 Email: info@paolinoproperties.com
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