In a section of downtown Providence where there is no lack of scaffolding-clad buildings, a $2 million renovation to breathe new life into the 19th-century Equitable Building – on Weybosset Street in the heart of the Financial District – is now under way.
The developer, Premier Development Inc., is also serving as general contractor and designer, said David Corsetti, the company’s owner. Because the project was approved in 2007, it is eligible for the state’s Historic Preservation Investment Tax Credit program. The renovation is an attempt to attract new lessees to a building that has been mostly empty since Corsetti bought it in 2003.
The Equitable Building draws its name from the Equitable Fire and Mutual Insurance Company, which was founded in 1859 and operated in Market Square until the Weybosset building was completed in 1872, said Edward F. Sanderson, executive director of the R.I. Historical Preservation & Heritage Commission.
In a picture dated to 1891, there are a few company names visible in the building’s windows, including the Equitable name on the second floor and Providence Coal Company in the bottom floor – slightly below street level – a storefront most recently held by The Custom House Tavern. Now, Corsetti said, that subterranean first floor, and the one above it, will be occupied by a restaurant. “We’ve leased up the first and second floor to a martini bar, lounge, café,” Corsetti said.
That two-floor restaurant – for which an internal stairway will be built – will total 3,300 square feet. The name isn’t yet finalized, but it might carry over the “Custom House” title, he added.
The renovation is a complete “demo-renovation,” with each of the other three floors – about 1,800 square feet each – being gutted and redesigned build-to-suit with hardwood floors.
The building’s façade is made entirely of cast iron – a unique feature, said Jeffrey Lykins, principal of Jeffrey L. Lykins Architect, a firm that works in partnership with Premier. The only other fully cast-iron façade in the state is the Elizabeth Building at 100 North Main St., a building now occupied by the R.I. Secretary of State’s office, Sanderson said.
“As far as I know, those are the only two with full cast-iron facades,” he said, adding, “There were some others in Providence – there was one that was demolished when Fleet Bank made the Fleet Center. We really saw this type of building during the last quarter of the 19th century.”
In New York City, there’s an entire Cast Iron District. That 500-building section takes 26 blocks in lower Manhattan and was named to the National Register of Historic Places in 1978, according to U.S. Department of the Interior.
But more common in New England and Rhode Island are cast-iron, one-story storefronts, of which there are about a dozen in Providence’s downtown and more in Newport and Westerly, Sanderson said.
“They’re pretty durable, what they really need is to be painted,” Sanderson said. While cast iron is durable in compression – being able to carry a large load much like a column – it’s not as able to withstand tension, making cast-iron crossbeams weak, he added.
But the durability of the façade makes a renovation comparably easy. The only outside renovation will be a thorough cleaning of the façade – cast iron is the only façade type that Sanderson’s office recommends cleaning by sandblasting – and a new coat of paint.
Corsetti, who bought the building in 2003, said the top three floors haven’t yet been leased.
“We’re looking to breathe some fresh air into that whole area,” Corsetti said. “The new Hampton Inn & Suites is right next door and the proposed W Hotel is supposed to start construction across the street.” •
