Lots of open floor space and parking. With those ingredients in place, Joseph R. Paolino, Jr. was willing to invest in what he considered to be “one of the ugliest of buildings in downtown Providence” and is now transforming it into a beacon of light in the capital city.
That’s just what is happening at One Weybosset Hill, where 125,000 square feet of space is being overhauled — much to the delight of some of the building’s long-time tenants and several new ones. Paolino, former Mayor of Providence, now real estate developer, purchased the building from Blue Cross Blue Shield of Rhode Island 18 months ago for $3,592,000.
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At the time of the purchase, his plans for the building – which sits roughly at the corner of Weybosset and Empire streets — were sketchy.
”It had become a white elephant to Blue Cross,” said Paolino. “This building, I think, was the ugliest building in downtown Providence.”
But Paolino knew the property had something few others had in the city – that Holy Grail of commercial real estate.
It had parking – a 100-space garage on the ground floor, 60 spaces on an outer deck and another 200 spaces across the street. And it had something else – large floor plates, all without columns.
”Buildings that have large floor plates without columns – and parking – are attractive,” said Paolino. “That’s what is driving the market right now.”
So Paolino spread the word. And almost immediately, he landed the kind of tenant he needed.
”We got Cookson America to take the top floor,” he said.
The timing was right for Paolino, and for Cookson. The company was moving out of the old train station complex. Paolino showed them the wide-open seventh floor – and the parking. He promised renovations – major renovations.
Cookson agreed, arriving at the end of last summer. Within a year, Internet provider Log On America decided to take the sixth floor. Blue Cross Blue Shield of Rhode Island remains a tenant.
”Part of the agreement was that I had to fix up the outside of the building and put in a new lobby at the main entrance,” said Paolino.
The work continues, with much of the outside now complete. A new roof is being installed this week. Each floor has a new HVAC system. The seventh floor is elegant, with glass enclosed conference rooms and mahogany and spectacular views of the city. Prior to getting started on the renovations, Paolino traveled to London and met with executives at Cookson’s world headquarters.
ANOTHER VIEW of One Weybosset Hill, being renovated by new owner Joseph R. Paolino, Jr.
”I took pictures of what they had there, so we replicated some of London,” he said.
Large marble tiles from Italy have become a big part of the overall renovation. Paolino said that when he was in Europe, he was struck by the use of such tiles.
”I remember saying to my wife; ‘The bathrooms are beautiful here,'” he said. “So we ordered tile and had it shipped.”
The architect on the project is Luis Torrado, of Providence. Paolino and Torrado explained that Norm Cook, a consultant, suggested a stone aglomerate material for the outside of the building that is now popular in Europe, but not used often in the United States. They went to see it in Baltimore and came away impressed.
“The panels are made of recycled stone,” Torrado said.
Torrado said the material is relatively lightweight and affordable – and is sure to catch on in the United States.
As for One Weybosset Hill, Torrado now uses photos of his work there when bidding on other jobs.
“It is amazing how many people recognize this building,” he said. “It is really the gateway to Providence from that side of the city. And we’ve really created a new building.”
The building renovation, which should be complete by Thanksgiving, is getting rave reviews.
Mark Dingley, a senior vice president of corporate development at Cookson Electronics, has an office in Foxboro, Mass., but visits the Providence office often. Dingley said Cookson workers like the new digs better than the former train station.
“People like the atmosphere, the lighting,” he said. “I love it.’
Raymond Paola, who founded Log On America with his son, David, is equally enthused. LOA previously had offices at Regency Plaza.
“The location is fabulous and we get a lot of cooperation from the owner,” he said. “But parking is a major issue in the city. Without the parking, we wouldn’t be here.”
Paolino said an added benefit – one that was clearly attractive to LOA – is the fact that the area around the building is heavy in fiber optic access.
“We have what’s needed in this building,” he said.
The entire building is now leased, with the exception of between 8,000 and 25,000 square feet over two floors. Paolino is confident he will fill the rest of the building quickly, and in fact, is in the enviable position of being selective. One potential tenant asked to rent out half of a floor, but Paolino chose to wait for a better offer.
Paolino is in fact talking to several potential tenants. His sense is that a better offer is inevitable. He’s doesn’t look at One Weybosset Hill and see ugly. He sees a new facade, bathrooms with Italian tile, open floor plates, spectacular views – and parking.
