James A. Procaccianti

For years, economic-development specialists have been saying that Providence needs to get more construction underway, particularly construction of hotels, as room vacancy rates go down and cost of rooms go up.

After some dithering, the city’s first new hotel in almost 10 years was approved last December on the site of the shuttered Fogarty Building on Fountain Street. The developer is The Procaccianti Group, a national hotel developer led by President and CEO James A. Procaccianti, 57.

Looking for public-sector relief to help bring the project to fruition, Procaccianti’s company scored a 12-year tax deal from Providence that could save the developer an estimated $2.5 million. The state then promised Providence $246,597 in tax incentives to ease the tax break the city gave for the project, part of a new program to keep city tax stabilization programs from cutting too much into municipal tax revenue.

TPG is not a Johnny-come-lately in Rhode Island development or across the nation. For more than 50 years the company has owned, managed or developed more than $4 billion of commercial properties (James Procaccianti is the second-generation leader of the firm).

- Advertisement -

The company operates in 28 states and most of the country’s top real estate markets, including Chicago, Los Angeles and New York. TPG’s 80 hotels include the Renaissance Providence Hotel, the Hilton Providence, Wyndham Garden Inn in Providence and five others in Rhode Island. And soon, the new $40 million project, which will open under the Residence Inn by Marriott flag, will be added to the Procaccianti portfolio. •

No posts to display