State seeking new Masonic Temple proposals

Governor Lincoln Almond today announced that the State of Rhode Island would be seeking new proposals for the development of the abandoned Masonic Temple building in Providence. The previous developer, Algen Construction and Development, ultimately was unable to close on financing for the project due to the slowdown in the nation’s economy.



“I was very disappointed to learn that the luxury hotel project had fallen victim of the economy,” said Almond. “We have worked hard for years to put every step in place to preserve the architectural and historic significance of this building so it could provide needed hotel rooms in our capital city. It is my hope that a new developer will come forward with a viable proposal to transform the existing structure that will contribute to the vibrancy of the Providence Place Mall, the State House, and the surrounding area.”


The State, through the Economic Development Corporation, is now inviting Letters of Interest from developers or other interested parties with ideas of how to rehabilitate the existing Masonic Temple or what could be built if the Temple was torn down. Proposals are being sought for commercial, office, residential, or hotel uses.


In April of 1997, the State issued a nationwide, public Request for Proposal (RFP) from developers interested in preserving and redeveloping the Temple. In August of that year, Almond announced that Algen Construction and Development Corp. of New York had been selected to transform the Masonic Temple into a luxury hotel. The Algen proposal was the only one of the eight submitted that did not require a state subsidy.


Since then, Algen had been working to secure financing for the project, including approval of federal historic rehabilitation tax credits, as well as Capital Center Commission approval of the design. On August 3, 2001, Almond announced that Algen had secured a $38.7 million loan from the M.K.D. Capital Corp. in New York. Algen also had worked out an agreement that the hotel would be associated with Wyndham Historic Hotels and was conditionally approved for federal historic property tax credits.