The Procaccianti Group plans to purchase the Fogarty Building at 111 Fountain Street in Downtown Providence and the development rights to the former public safety building at LaSalle Square, according to a company statement released on Aug. 19.
The Providence Redevelopment Agency will consider the transfer of the development rights from developer Vincent Mesollela to Procaccianti at a meeting Wednesday, the company said.
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The purchase would clear the way for the development of a key section of downtown Providence that Cranston-based Procaccianti calls its “power block.” This includes The Westin Providence Hotel, which the company purchased from the state earlier this year for $95.5 million, and the Holiday Inn, now being renovated into an upscale Hilton.
The company is constructing a 31-story tower at The Westin Providence that will include 200 additional guest rooms for a total of 564 as well as 20,000 square feet of prime pedestrian level retail space and 103 luxury residential condominiums.
“This allows us to work with the City to continue the momentum we have been able to build in the area around the Convention Center,” said James A. Procaccianti, president and CEO of Procaccianti, in a statement.
Mesollela will retain a non-controlling interest in the properties. Responsibility for the management and development of both properties will rest solely with Procaccianti, the company said.
