PROVIDENCE – The Procaccianti Group on Tuesday announced plans to tear down the John E. Fogarty Memorial Building and erect in its place a 170-room “premium-branded upscale extended-stay hotel.”
The new hotel will be located at 111 Fountain St. across from the R.I. Convention Center and Dunkin’ Donuts Center, and will include street-level restaurant and retail stores as well as new parking space.
“This project represents a $40 million private investment in Providence,” said Paul Sacco, chief development officer for The Procaccianti Group’s hospitality-management affiliate, TPG Hospitality. “The finished product will fill a void in the lodging market and create hundreds of new construction jobs for local trades people and more quality employment opportunities for local hospitality professionals.”
Ralph V. Izzi, a spokesman for The Procaccianti Group, said the company is currently working with the city to develop a timeline for the project and does not yet have an exact count of the number of jobs to be created.
The Procaccianti Group purchased the Fogarty Building, which once housed Providence’s municipal welfare office, for $2.3 million in 2005.