PROVIDENCE – Paolino Properties LP announced Wednesday it has purchased 70 Kennedy Plaza for $2 million.
Built in 1947, the six-story downtown building, also known as the Peoples Savings Bank Building, is home to several residential tenants. Its ground-floor commercial space has been vacant since the departure of a CVS Pharmacy store in 2019.
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“I purchased this building because it is important to me that we create a lively and attractive neighborhood in downtown Providence for our residents, businesses and visitors. For far too long, I have watched the downtown area, particularly this building, deteriorate through neglect,” said Joseph R. Paolino Jr., managing partner of Paolino Properties. “I have always believed in a vibrant downtown and will continue to do so, which is why I have invested in the immediate neighborhood.”
Paolino bought the 26,855 square-foot building from Massachusetts company, 70 Kennedy Plaza Investors LLC. The acquisition closed Wednesday.
Paolino said his immediate plans for the building are “maintaining its infrastructure and finding a tenant for the building’s ground floor retail space.”
Claudia Chiappa is a PBN staff writer. You may contact her at Chiappa@PBN.com.
