Gov. Lincoln Almond announced Friday that the Rhode Island Economic Development Corp. has executed a ground lease and development agreement with the Colorado-based developer of the Masonic Temple.
In October, Sage Hospitality Resources LLC, a Denver hotel developer, was chosen by the state to renovate the Providence structure as a four-star, 250-room Marriott Renaissance Hotel. Sage expects to complete the design and permit process over the next several months, and commence with the $60 million construction project later this year.
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The development agreement includes conditions that were agreed to by the state, EDC and the developer, according to a press release issued by Almond’s office.
“While the Temple redevelopment plans still need approval on the city, state and federal level, it is gratifying to see the execution of these key documents,” Almond said. “Given (Sage’s) outstanding track record in transforming blighted properties across the nation, I have every confidence that I will be attending a ground breaking in the not too distant future.”
The plan will be presented to the Capital Center Commission, Rhode Island Historic Preservation and Heritage Commission and the National Park Service.
The Masonic Temple, abandoned by the Masons in 1929, was acquired by the state during the 1940s. The adjacent Veterans Memorial Auditorium was completed in 1951. Sage’s plans include development of the parcel between the two structures for a one-story restaurant and lounge.
