Home News Story Paolino Properties acquires ‘Amica Building’ in Providence for $12M

Paolino Properties acquires ‘Amica Building’ in Providence for $12M

By

James Bessette

-

03/19/2024

PROVIDENCE'S FIRST SKYSCRAPER at 10 Weybosset St., commonly known as the — PROVIDENCE'S FIRST SKYSCRAPER at 10 Weybosset St., commonly known as the "Amica Building," was purchased by Paolino Properties LP for $12 million. / COURTESY LOOPNET/COSTAR

PROVIDENCE – The city’s first skyscraper and former home of Amica Mutual Insurance Co. in downtown is now part of Paolino Properties LP’s portfolio. The property management firm announced Tuesday that it has acquired the commercial office building at 10 Weybosset St. from Bliss Properties Inc. for $12 million. The purchase, Paolino Properties says, includes

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PROVIDENCE – The city’s first skyscraper and former home of Amica Mutual Insurance Co. in downtown is now part of Paolino Properties LP’s portfolio. The property management firm announced Tuesday that it has acquired the commercial office building at 10 Weybosset St. from Bliss Properties Inc. for $12 million. The purchase, Paolino Properties says, includes the 11-story, 138,357-square-foot building, commonly known as “The Amica Building,” and its adjacent parking lots. Paolino Properties says the building, first built in 1896, is listed on the National Register of Historic Places. Amica had its corporate offices there before constructing its headquarters in Lincoln in 1997. Currently, 10 Weybosset St. is home to multiple office tenants, including The Washington Trust Co., the FBI and law firm Roberts, Carroll, Feldstein & Peirce Inc. Paolino Properties CEO and Managing Partner Joseph R. Paolino Jr. said in a statement that the COVID-19 pandemic has reshaped the landscape of multiple downtowns, including the city, which spurred the firm to seek out ways to enrich the vitality of the city. “We strive to prioritize the vitality of our downtown community to benefit residents, businesses and visitors alike,” Paolino said. "Through meticulous studies and strategic planning, we are dedicated to realizing a long-term vision that elevates the city’s appeal and livability.” Paolino on Tuesday told Providence Business News that he wants to have the current tenants remain at 10 Weybosset St., but also wants to understand what is occurring with the current office market for possible future development of the property. He’s considering multiple options for future use for 10 Weybosset St., including having it be mixed use, hospitality and/or residential. James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.