Paolino buys downtown Providence properties
Former Providence Mayor Joe Paolino Jr. has bought a 20-story downtown office tower and two smaller properties for about $60 million.
Paolino announced on Wednesday that his firm, Paolino Properties, had acquired the building at 100 Westminster St., as well as a smaller attached building at 30 Kennedy Plaza and the parking lot and historic facade of the Providence National Bank at 110 Westminster St.
The 350,000 square-foot high-rise houses offices for Providence Equity Partners, Nortek and the U.S. attorney's office. The two buildings were last sold in 2006 for $62 million.
"I'm not going to have people running this building or managing this property who don't understand what people are looking for," Paolino told NBC 10 News.
Paolino said he is now the only Rhode Island resident to own a high-rise building in Providence. Paolino was mayor from 1984 to 1991.
Current Providence Mayor Angel Taveras said the buildings would work well within the fabric of the proposed redesign of Kennedy Plaza.
"We can convert Kennedy Plaza into a statewide attraction like a Bryant Park in New York that has been really wonderful for the neighborhood," Taveras said.
In 2005, developers announced plans to build a condominium tower at the 110 Westminster St. site. It never came to fruition.
NBC 10's Alison Bologna contributed to this report.