A Cranston-based real estate company tightened its grip on downtown Providence property last week by acquiring development rights to the city’s former public safety complex at La Salle Square.
The Providence Redevelopment Agency agreed to transfer the rights to The Procaccianti Group, which now controls five properties near the Rhode Island Convention Center that it calls the ‘Powerblock’.
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Also last week, Procaccianti presented the redevelopment agency with preliminary plans to use the former Fogarty Building for retail space and a restaurant on the street-level floor, and offices on the upper floors, according to a company statement.
Procaccianti’s downtown holdings also include the Westin Providence, the Holiday Inn Providence and a nearby parcel on Atwells Avenue. The company is already in the process of building a second tower at the Westin and converting the Holiday Inn into an upscale Hilton hotel.
