The Procaccianti Group says it’s buying the Fogarty Building at 111 Fountain St. in downtown Providence and the development rights to the former Providence police and fire headquarters at LaSalle Square, two of the most high-profile properties in the heart of the city.
The deal, which is subject to the approval of the Providence Redevelopment Agency, would give the company control over a large, concentrated share of downtown real estate. The company already owns The Westin Providence Hotel, where it’s building a 31-story addition with 200 additional guest rooms, 103 condominiums, and 20,000 square feet of retail space, and it owns The Holiday Inn, which it’s converting to the Hilton Providence, with a complete inside-and-out renovation.
“This allows us to work with the city to continue the momentum we have been able to build in the area around the Convention Center,” said James A. Procaccianti, president and CEO of the company. “This purchase is an important part of our vision for a downtown ‘Powerblock.’”
The Procaccianti Group will acquire a controlling interest in the properties from local developer Vincent Mesolella. The Redevelopment Agency, which granted the development rights to Mesolella, will consider the transfer of those rights at its meeting this Wednesday.
In a news release, Procaccianti praised Mesolella’s hard work in cultivating the sites for development.
“Mr. Mesolella has dedicated a great deal of effort and resources over the last 10 years in pursuing his vision for these buildings,” he added. “He deserves a great deal of credit for that.”
Mesollela will retain a non-controlling interest in the properties. Responsibility for the management and development of both properties will rest solely with Procaccianti.
Based in Cranston, the Procaccianti Group is a full-service, privately owned, real estate company that acquires, manages and renovates upscale full-service hotels. It is involved in all aspects of the hotel industry, from finance sourcing, construction and design, to ownership and management. It now owns and manages 32 hotels comprising nearly 8,000 rooms, as well as more than half a million square feet of meeting and conference space.
