Providence transferring Bomes Theatre in exchange for $2.2M restoration investment

PROVIDENCE is transferring ownership of the Bome Theatre to Tavares LLC in exchange for a $2.2 million investment into the restoration of the property. / PBN FILE PHOTO/MARY MACDONALD
PROVIDENCE is transferring ownership of the Bome Theatre to Tavares LLC in exchange for a $2.2 million investment into the restoration of the property. / PBN FILE PHOTO/MARY MACDONALD

PROVIDENCE – The Bomes Theatre is being taken over by Fernando J. Tavares, owner of Tavares LLC, a local general contractor, the city announced Thursday.

The theater, located at 1017 Broad St., was built in 1921 as a theater and portions of it later were converted to retail use, including as a furniture store and restaurant. The property has been vacant since 2004.

The city said that Tavares LLC will conduct a complete restoration of the building to a mixed-use development, including retail, office and event space.

“I’m thrilled to see this historic and important building coming back to life,” said Mayor Jorge O. Elorza in a statement. “When we’re working together, we can make great progress, and this is yet another example of that.”

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Work is expected to be completed by the end of 2018.

The property was acquired by the Providence Redevelopment Agency in 2004 as part of the Ward 9 Redevelopment Plan. The PRA will transfer the property to Tavares LLC in exchange for his investment of $2.2 million to restore the property.

Tavares LLC has worked on many high-profile projects in the area, including South Street Landing, the new Citizens Bank campus, the Twin River Casino Hotel and also has contracted with Providence and the state in the past. Tavares himself has worked as project manager of some of those developments as well.

“One of the great things about America is our love of a comeback,” stated City Council President David A. Salvatore. “The Bomes Theatre began as a movie house that served as an escape from the ravages of WWI and then later the Great Depression. Over the past 97 years, the theater has seen many lives, and I’m excited to see what this comeback will look like.”

No tax incentives have been applied for or granted at this time.

Chris Bergenheim is the PBN web editor.