BankRI Provides $1 Million to Refinance The Arcade
GoLocalProv Business Team
BankRI Provides $1 Million to Refinance The Arcade
The borrower, 130 Westminster Street Associates, LLC, redeveloped the iconic property after its acquisition in 2012. Today, the property is a 39,282 gross square foot micro-apartment residential and retail building that was completely renovated in 2012 and 2013.
The History
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTConstructed in 1828 as a three-story building featuring shops and restaurants, The Arcade is known as the first indoor shopping mall in the United States. In 1971, The Arcade was listed on the National Register of Historic Places, and declared a National Historic Landmark in 1976. Today, The Arcade has been reconfigured to include 17 retail units and 48 micro-lofts with living space ranging between 225 and 450 square feet each. The Arcade is currently 100 percent occupied.
The Arcade property is managed by Evan Granoff of 130 Westminster Street Associates, LLC, and Andrew Deluski, Vice President, Commercial Real Estate for BankRI, facilitated the transaction.
BankRI’s Commercial Real Estate Division provides financing for the construction, refinancing, or purchasing of investment real estate projects. For more information, contact Keb Brackenbury at (401) 574-1615.
Historic Arcade Reopens With Ribbon-Cutting Ceremony
The Ribbon-Cutting
Governor Lincoln Chafee, Mayor Angel Taveras, and the Arcade's Owner/Developer Evan Granoff cut the cermonial ribbon upon the historic landmark's front steps.
Governor Lincoln Chafee
Chafee gave a brief statement regarding the Arcade's reopening, and lauded the efforts of its owner and developer, Evan Granoff in restoring the landmark.
Evan Granoff
The owner and developer of the Arcade, Evan Granoff spoke at the ribbon-cutting ceremony in which he stated that the Arcade's mix-use of retail and residential space has created "economic viability for the first time in its history."
Mayor Angel Taveras
Mayor Taveras was excited by the addition of more than a dozen new small buisinesses in downtown Providence, and thanked Granoff for his efforts in restoring the Arcade.
J. Michael Abbott
The restoration project's lead architect, J. Michael Abbott of Northeast Collabrative Architects, and his design team were on hand for the ceremony. Their design creates an historic atmosphere blended with modern amenities.
(Not pictured: Partner John Grosvenor and associate Andrea Torizzo)
New Signage
The new signage throughout the Arcade is styled to refelct back to the landmark's history.
The Shops
Eleven new small businesses now reside within the Arcade. In the next weeks and months, four more retail, two more restaurants, and two levels of new downtown residences will be added.
Arch Angels
Liiscensed cosmotologist and aestheticin Rehka Salwi is bringing her business into Providence from Fall River. She has more than 25-years of experience in the practice of eyebrow threading, and is founder of the National Eyebrow Threading Association.
nude.
Featuring a collabrative of six distinct fashion designers, the people at nude. offer a wide assortment of handmade clothing and accessories suitable for everybody.
Ntrendsic
From t-shirts to dresses, from shoes to children's apparel, Ntrendsice offers "Clothing + Accessories for the Bold, Wild + Free"
That Guy
With items ranging from knick-knacks to furniture, That Guy offers a variety of goods for the home.
Southwest Passage
Gayle Gertler of Southwest Passage makes several annual trips to trading posts and reservations in Arizona and New Mexico, bringing Native American crafts, jewelry, and accessories to Rhode Island.
New Harvest Coffee and Spirits
Pawtucket-based New Harvest Coffee Roasters brings in a mixture of brewed by the cup single-origin coffees and exquisite teas to the Arcade. Combined with craft beers, single-malt and single barrel liquors, this spot has something for thirsts of all kinds.
Dash
Started as a bike messenger service in 2009, Dash's Arcade location offers bicylce repair services, rentals, and bicycle accessories.
Adirah Gallery
Named for the owner's (guku) grandmother, Adirah Gallery features fine art from all over the continent of Africa.
Jessica Ricci Jewelry
Jessica Ricci repurposes various items found at bazaars and flea markets into "wearable luxe art," giving a second life to many once-loved treasures.
Sugar Coated Heaven
(COMING SOON) Sugar Coated Heaven creates hand-crafted, unique gourmet chocolates, and claims to be "the best sugar coated treats this side of heaven."
Royal Male
Founded in Newport, Royal Male offers a wide variety of English and European-style country clothing.
Rogue Island
(COMING SOON) Rogue Island will be a full-service restaurant featuring a menu that is more than 90% sourced from within 40 miles of Providence.
Luniac Glamour
Lunia Glamour is a full service beauty and style shop, offering blow outs, makeup lashes, and facial waxing, along with locally-designed clothing, jewelry and accessories.
Livi's Pockets
(COMING SOON) Livi's will feature healthy Mediterranean-style dining poptions such as falafel, hummus, and gyros.
