PROVIDENCE – Another significant residential and commercial rehabilitation is being proposed for a prominent downtown building.
Providence Capital Holdings LLC, the owner of the Woolworth Building, at 185 Westminster St., plans to convert the structure into a mixture of residential apartments and commercial units, including a rooftop lounge, according to the project attorney.
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The investment is expected to amount to $5 million, according to attorney Jackson Parmenter, who is a partner with Providence-based Kelly, Souza, Rocha & Parmenter, PC.
The project will involve renovation of the basement and first floors into restaurant space, and the fourth and fifth floors into 18 apartments and creation of a rooftop lounge or bar, he told the City Council’s finance committee last Thursday. The building is located next to City Hall, and once housed the F.W. Woolworth department store on its street level.
A public hearing is expected to be scheduled on the project, which requests a 10-year tax stabilization agreement, to phase in taxes.
Providence Capital Holdings LLC purchased the building for $3 million in September 2015, according to online city property records. The five-story building was built in 1920.
According to its 2016 assessment, the building is now worth $4.8 million.
Providence Capital Holdings LLC, the building owner, has a state corporate registration that lists Vincent J. Geoffroy as manager.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
