PROVIDENCE – Demand for downtown micro-lofts at the nearly completed Case-Mead Lofts building has been stronger than expected, according to Joseph R. Paolino Jr. Monday.
The building will include a total of 44 units, with 20 available in the compact, micro-loft size and others divided among studio and one-bedroom options.
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Paolino Properties said only six of the 20 micro-lofts remain unreserved.
As of Monday, about 20 percent of the larger units had been reserved, according to marketing director Nicole Caruso.
The building, built in 1859 as a four-story office building, had a fifth floor added in 1906. The $8 million renovation is expected to be completed in late March. Financing was provided through Washington Trust Co. The project also will qualify for $1.25 million in state Historic Preservation Tax Credits on completion.
For more than 40 years, the property was the headquarters of Paolino Properties, prior to its move to 100 Westminster Street. The late Joseph R. Paolino purchased the building at 76 Dorrance St. for $260,000 in 1968.
The conversion from office space to residential suites began in 2016.
PBN PHOTO/MICHAEL SALERNO
Paolino, managing partner of Paolino Properties, said Monday the leasing interest in the micro-lofts had been stronger than he anticipated. “I think the whole building will be rented by May 1. I didn’t expect it as fast as it’s gone. I did not expect the excitement to be what it is.”
The micro-loft units are 250-square-feet and start at $950 a month. Units on the top floor with views of the downtown are $1,100. Studio apartments start at $1,450 and reach $1,650. One-bedroom units are $1,700 to $1,850 with corner units featuring walk-out balconies.
The loft apartments all feature luxury finishes and efficient, modern appliances, including combination washer-dryer units, dishwashers and convection ovens. The units all are fully furnished with one or two flat-screen TVs depending on unit size.
The Providence-based architect for the project is Eric Zuena, founding principal of ZDS Architecture & Interior Design.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
