Paolino Properties buys downtown parking lot for $500K

DEVELOPER, AND FORMER PROVIDENCE MAYOR, Joseph R. Paolino Jr. has purchased the 25,000-square-foot parking lot in the far left bordered by Chapel, Show and Weybosset streets in Providence for $500,000. He already owned the parking lot and deck to the right bordered by Chapel, Empire and Weybosset streets. / PBN PHOTO/MARK S. MURPHY
DEVELOPER, AND FORMER PROVIDENCE MAYOR, Joseph R. Paolino Jr. has purchased the 25,000-square-foot parking lot in the far left bordered by Chapel, Show and Weybosset streets in Providence for $500,000. He already owned the parking lot and deck to the right bordered by Chapel, Empire and Weybosset streets. / PBN PHOTO/MARK S. MURPHY

PROVIDENCE – Paolino Properties, led by developer Joseph R. Paolino Jr., has bought a 100-space parking lot downtown that the developer says could lead to development of a parking garage or “other commercial opportunities.”
Purchased for $500,000 on Dec. 17 last year, according to information on record at the assessor’s office, the property at 271-289 Weybosset St. was assessed at $207,600 in 2014. The owner is listed as 271-289 Weybosset LLC of Wellesley, Mass.
At 25,000 square feet, the lot is located next to a double-decker parking deck that also provides 25,000 square feet on both levels, Paolino said. He now owns the full block, he said.
In a press release, he called the lot “one of the largest contiguous parking areas in the heart of downtown Providence.” It is within walking distance to the Providence Performing Arts Center and Johnson & Wales University.
“The recent snow storms have shown us how important off-street parking is for downtown Providence,” Paolino added in a statement. “Providing accessible, affordable and convenient parking is a large part of the equation that will support a thriving downtown – especially as we anticipate new initiatives that will attract new businesses and create urban jobs.”
Paolino Properties purchased 100 Westminster St., 30 Kennedy Plaza and a parking lot at 110 Westminster St. for $60 million a year ago, he added.
The firm also recently purchased a 123,000-square-foot building that houses Hasbro Inc.’s research and development, and administrative and data offices in East Providence.

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