PROVIDENCE – Granoff Associates LLC today announced plans to renovate the Arcade, repositioning it for the future with LEED certification and an updated HVAC system while preserving the building’s architecture.
The $8 million yearlong renovation will be completed with a 22-percent Historic Preservation Investment Tax Credit from the state, for which Granoff gained approval on May 15, the company said.
At the same time as the tax-credit application was approved, one of the Arcade’s 13 tenants – Johansson’s Bakery, which generates 25 percent of the Arcade’s revenue – announced that it was relocating.
“The time is right to start this exciting project,” managing member Evan Granoff said in a statement this afternoon. “We love the Arcade and we want to make it work. Our goals are to reposition the Arcade so that it can be sustainable in the long term and to deepen our firm’s commitment to the historic preservation and economic vitality of Downcity.”
The 12 other Arcade tenants were notified this week that their month-to-month leases will expire June 30. In the past, some tenants had criticized Granoff’s management of the Arcade. In January 2007, one owner anonymously told Providence Business News that it “seems like [Granoff] doesn’t have an interest in maintaining the building or maintaining the businesses in the building. I think they just don’t want to be bothered.” (READ MORE)
Built in 1828 as the first indoor shopping mall in the United States, the Arcade is next to the vacant site on which the “One Ten Westminster” tower at 110 Westminster St. had been proposed by a development team that included Granoff Associates. The Arcade fronts on both Westminster and Weybosset streets.
During the last year, Granoff Associates has sold two of its downtown properties – the Turk’s Head Building and the former Union Trust Building – for a total of more than $24 million. (READ MORE) The firm is also a partner in the $15 million renovation of the former St. Francis Chapel into a Hampton Inn & Suites. (READ MORE)
Granoff Associates LLC is a Providence-based property manager and developer run by brothers Lloyd Granoff, chairman of the Providence Public Buildings Authority; and Evan Granoff, chairman of the Downtown Providence District Management Authority.
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