As a difficult 2001 wound its way to a welcome close, several tangible signs demonstrated that our capital city remains a place worthy of significant investment. First, in late November, Kim Chace and his wife Elizabeth Chace teamed up with Energy Management Inc., of Boston, to buy the four-story Travelers Aid building on Union Street in the heart of downtown. Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,… The new owners are expected to raze the building, using most of the land to build a parking garage to accommodate other buildings they own. The Chaces are part owners in several buildings downtown and are turning some of them, including the Alice Building on Westminster Street, into residential apartments. EMI owns a building at 400 Westminster and is developing a hotel at the corner of Westminster and Mathewson streets. Just a couple of weeks after that announcement, word came that JPI, of Irving, Texas, will begin building a $58 million, 330-unit luxury apartment complex at the foot of Route 95, across from Providence Place. The developers cite an “underserved market” and are confident the capital city will support the ambitious project. And as we report on page one of this issue, a Quincy, Mass-based insurer has purchased Providence Washington Plaza on South Main Street in Providence. The 11-story building houses Providence Washington Insurance Co, Hemenway Sea Foods restaurant and a dozen other businesses. The $22-million sales price demonstrates a keen interest by yet another out-of-state company in Providence’s renaissance.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Providence in demand
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