Paolino Properties buys Fletcher Building downtown for $2.8M

PAOLINO PROPERTIES has acquired the historic Fletcher Building at 2 Charles St. for $2.8 million. / COURTESY PAOLINO PROPERTIES
PAOLINO PROPERTIES has acquired the historic Fletcher Building at 2 Charles St. for $2.8 million. / COURTESY PAOLINO PROPERTIES

PROVIDENCE – Paolino Properties has purchased a historic brownstone, the Fletcher Building, from a local developer for $2.8 million, the company announced Thursday.
The 25,000-square-foot building at 2 Charles St. is in downtown Providence, near Smith Hill and College Hill. The building, already renovated, is listed on the National Register of Historic Places.
The building, built in 1868, was assessed at $2.2 million in 2014, according to city assessor’s records.
It originally was a part of the Fletcher Manufacturing Co., later sold and operated as the International Braid Co. The greater mill complex burned in a fire in the 1970s, according to a news release distributed by Paolino Properties.
The four-story brownstone has a 60-car parking lot and build-to-suit office suites that include spacious floor plans with high ceilings, exposed brick and beams and oversized windows, according to the development company.
The lower level has 3,000 square feet of office space available for occupancy, the second floor has 4,662 square feet and the third floor has 1,800 square feet.
The purchase, from developer Harold Schein, will further diversify the Paolino holdings in real estate, according to the release.
“Providence is a dynamic city and we have great confidence in its economic direction, and we will continue to invest in desirable locations throughout the city that can provide cutting edge facilities for businesses and their employees,” said Joseph R. Paolino Jr., managing partner of the company.

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