Paolino Properties has completed the sale of the O’Gorman and Burgess buildings at 222 West-minster St. to Cornish Associates, headed by developer Arnold “Buff” Chace.
Joseph R. Paolino, Jr. had planned to convert the site into apartments and residential living space. Now, Chace will follow through with similar plans.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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Paolino sees the sale of the property as an important step in efforts to establish more residential living space downtown. The sale, he said, creates a “development corridor,” bordered by Fulton, Middle, Union, and Eddy Streets.
The corridor, said Paolino, consists of more than 56,000 square feet of land and
more than 360,000 square feet of residential living space available for development.
Paolino is convinced that once residential space is made available, the residents
will follow.
“There is an under-supply of nice apartment living in downtown Providence,” said Paolino. “Downtown is becoming an extension of the East Side. Graduate students, professors, young professionals — that’s where the market is.”
