Paolino Buys Iconic Downtown Building

Paolino Buys Iconic Downtown Building

Joseph R. Paolino, Jr., CEO & managing partner of Paolino Properties, jointly announced with Gary Bliss Garabedian, President & CEO, and Lisa Garabedian Regan, President & CFO of Bliss Properties the sale of 10 Weybosset Street, commonly known as the "Amica Building," with Paolino Properties acquiring the property.

This is the latest in a string of strategic acquisitions by Paolino Properties.

“The pandemic has reshaped the landscape of downtowns, not only in Providence but across the nation. This has spurred us to seek out ways to enrich the vitality of the City. 10 Weybosset Street holds immense historical importance for downtown Providence. Serving as the City’s first skyscraper, it is a symbol of innovation and progress, ” said Paolino.

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“Our commitment to the City drives us to enhance each project that we invest in and we look forward to revitalizing this landmark, infusing it with the same energy and vibrancy it exuded in its early days. We strive to prioritize the vitality of our downtown community to benefit residents, businesses, and visitors alike. Through meticulous studies and strategic planning, we are dedicated to realizing a long-term vision that elevates the City’s appeal and livability,” Paolino added.

His firm purchased the RDW Building on Smith Street in February of 2023.

And, in March of 2023, Paolino Properties announced it was buying 70 Kennedy Plaza, historically known as the Peoples Savings Bank Building.

 

 

Amica Building Purchase

Paolino Properties purchased this 11-story, 138,357 square foot high-rise as well as its adjacent and nearby parking lots, for $12 million from Bliss Properties.

10 Weybosset Street currently houses several commercial tenants, including Washington Trust, The Federal Bureau of Investigation, and Roberts, Carroll, Feldstein & Peirce, among others.

The Garabedian family had owned the Amica building since the insurance company left downtown Providence to build a corporate headquarters in Lincoln thirty years ago.

“As Bliss Properties commemorates a century of family-owned and operated business, we are excited to announce the sale of 10 Weybosset Street to Paolino Properties,” said Garabedian. “Our families share a deep-rooted connection spanning generations, with a rich history of buying and selling properties to one another, fueled by our mutual love for Providence. This legacy includes transactions such as the Case Mead building, which my grandfather Lloyd Bliss sold to Joe’s grandfather and father.”

This story was first published 3/18/24 5:57 PM