Home Economy Smiley signs lease agreement with WaterFire

Smiley signs lease agreement with WaterFire

By

Christopher Allen

-

12/10/2025

WaterFire Arts Center 2017 FireBall — MAYOR BRETT P. SMILEY ON WEDNESDAY signed a twenty-year lease agreement that keeps the WaterFire Arts Center under city ownership while giving the nonprofit WaterFire Providence full use of the facility to host programs and events. / COURTESY DBVW ARCHITECTS

PROVIDENCE – Mayor Brett P. Smiley on Wednesday signed a 20-year agreement between the city and WaterFire Providence that allows the nonprofit to stay in its 37,000-square-foot headquarters at 475 Valley St. for $1 per year. In a ceremony held at the WaterFire Arts Center attended by Providence City Council President Rachel Miller, WaterFire Board Chair Kate

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PROVIDENCE – Mayor Brett P. Smiley on Wednesday signed a 20-year agreement between the city and WaterFire Providence that allows the nonprofit to stay in its 37,000-square-foot headquarters at 475 Valley St. for $1 per year. In a ceremony held at the WaterFire Arts Center attended by Providence City Council President Rachel Miller, WaterFire Board Chair Kate Bramson and WaterFire Board Secretary Kristen Adamo, stakeholders and city officials said it was important to keep the popular “cultural asset” which attracts approximately one million visitors annually above water. Last October the council approved the city's purchase of the building for $3.75 million under a $25 million bond and greenlit the lease on Dec. 4. According to the agreement, WaterFire Providence will be responsible for maintenance, utilities and upkeep. Any major changes to the building must be approved by the city. “Purchasing the WaterFire Arts Center secures a vital cultural anchor for Providence and strengthens our partnership with an organization that brings people together and supports our local economy,” said Smiley. “This agreement keeps the facility in local hands.” Council President Rachel Miller said the agreement ensures WaterFire "will continue to generate unmatched entertainment and economic value for another 20 years.” WaterFire representatives acknowledged that the nonprofit organization, which lost $891,018 in fiscal year 2023, according to its most recently available tax return, appreciated the help. Executive Director Mark Allan had told the city's Finance Committee on Nov. 4 that the organization had depleted its cash reserves and was at times drawing on a $650,000 line of credit to meet payroll. On Wednesday he said the agreement, which also requires WaterFire to hold eight full lightings and five partial lightings annually, was "critical to our ability to continue and expand the iconic lightings that have become such an essential part of the identity of Providence." “WaterFire is more than an event - it is one of our most powerful tourism drivers and a source of immense community pride here in Providence,” said Adamo, who also serves as president and CEO of the Providence Warwick Convention & Visitors Bureau. “Its global appeal is undeniable. Every day we hear from industry professionals and travelers alike that Providence is on their radar because of WaterFire.” Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.