The Arcade in Downtown Providence. Photo from the Arcade’s Faceook page.
By Kim Kalunian, WPRO News
The release of a study suggesting the owners of the “Superman Building” ask for roughly $75 million in state, federal and municipal aid to redevelop the vacant high-rise got a lot of people buzzing. The plan is to turn the former Industrial National Bank building into apartments, with proposed rental prices starting at $1,125 for “micro-lofts,” approximately 400 square feet of living space.
Meanwhile, a brand new micro-loft development is getting ready to open inside another historic Providence building: The Arcade.
130 Westminster Street Associates, LLC, the owners of the building, have been working to convert the nation’s oldest shopping mall into retail and residential space.
(At right, the interior of a model loft at The Arcade. Photo by Ben Jacobsen)
Scott Fraser, spokesman for the project, said owner Evan Granoff is turning the 185-year-old building into 48 residential units. There will be only one two-bedroom apartment, another three-bedroom apartment, 27 one-bedrooms and 19 studios.
Each will be bite-sized in comparison to “typical” residential rentals; square footage in The Arcade ranges from 225 up to only 900 square feet.
The smallest studios start at $550 per month. As for the price tags on the other floor plans, Fraser wouldn’t elaborate.
“It does go up from there,” he said. He was quick to add that each apartment comes with a flat screen TV, a refrigerator, a microwave, a bed and bedding. Each unit also comes with a storage area in the basement.
Fraser said there is a considerable wait list for the micro-lofts that far exceeds the number of apartments they have available. Although no residential leases have been signed yet, Fraser has “no doubt” that the building will be full once open.
So who’s in the market for 225 square feet of living space in downtown Providence? Fraser said students and recent graduates are among those most interested. Others, he said, include commuters who may only work in Providence a couple of days out of the week.
“There is a lot of interest and it really is all over the board,” he said.
The nearly 40,000 square foot building will also be home to 17 micro-retail shops. Fourteen of those have already been leased out. Fraser said they’re mostly local retailers, some of whom were previously internet-based and will be opening their first location inside The Arcade. Others are artisanal or clothing stores. There are three spots for restaurants, too, and one has been leased by a coffee shop.
Each retail space is about 400 square feet, and Fraser said part of their lease agreement is to share common hours of at least 10 a.m. to 6 p.m.
The Arcade will also have an indoor bike garage for both residents and non-residents.
Fraser said the project has cost under $10 million. Previously completed structural renovations were a major factor in keeping the redevelopment cost down according to Fraser.
At 111 Westminster, the Superman Building developers are looking at a price tag of close to $130 million. At more than ten times the square footage or The Arcade, the math checks out. Plus, the money invested (so the study says) will create a major economic boon for the city.
Fraser said there has not been a formal economic impact study done for The Arcade, though the developers expect it will boost the economy of the surrounding area.
“Our goal is to make it a destination,” said Fraser.
Construction is ongoing, and Fraser said they plan to re-open the renovated Arcade sometime this summer.
This story has been edited.
|
|
Kim Kalunian
