View
3
Download
0
Category
Preview:
Citation preview
The Arcade Providence A historic revival
2 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
Executive Summary 4
Investment Summary 6
The Opportunity 12
The Arcade’s History 16
Providence Overview 18
CONTENTS
4
C O N T E N TS
Contact Information:
Derek Brazeau Multifamily Broker+1 401 273 2052dbrazeau@hayessherry.com
Pete Hayes Partner+1 401 273 7426phayes@hayessherry.com
mailto:phayes@hayessherry.com
4 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
EXECUTIVE SUMMARY
H a y e s & S h e r r y , a C u s h m a n & W a k e f i e l d a l l i a n c e m e m b e r , has been exclusively engaged to sell 38 residential
condominium units at “The Arcade”, located in downtown Providence, Rhode Island. One of Rhode Island’s landmarks, built in
1828, The Arcade Providence is the oldest indoor shopping mall in America. The Greek Revival architecture stretches between
Westminster and Weybosset Streets with it’s massive, 45-foot-high columns, wide granite staircase and the light-filled atrium that
extends the length of the building. In 1976, the iconic building was designated a National Historic Landmark.
These 38 unique micro-loft designs are inviting to many and are all efficiently designed to meet a wide range of consumer
needs. Located in the heart of Providence’s Financial District it offers its residents live, work, play in what many call “a
neighborhood within a neighborhood” as well as enjoying the local retail shops, historic Federal Hill dining, DownCity
amenities, including fitness, restaurants, banking, specialty shops, coffee shops, theatres, college campuses, RI Public
Transportation, Amtrak and MBTA.
The Arcade Providence is a unique residential investment opportunity. This opportunity is the acquisition of 38 fully renovated
micro-lofts that have been converted into individual condominium units with a strong occupancy history . The micro-loft units
are being sold as an investment package and allows the new owner to control the association and continue to lease or sell, as
necessary.
The Providence Arcade is probably the single most important example
of commercial architecture in Providence, and a building of national
significance. The reopening of the Arcade is a monumental, much –
longed for occasion, and a great gift to the residents of the city.
— James Hall, former Director of the Providence Preservation Society
5
INVESTMENT SUMMARY
h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e6
130 Westminster Street
Providence, RI
38 Micro-Loft Condominium Units±261 SF to ±416 SF/unit
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m 7
The Arcade Providence
Residential condos on the second and third floors, small business retail and restaurant shops on the first floor
h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e8
The Providence Multifamily Market
…continues to remain optimistic by outperforming its peers in larger, more dense, urban, cities. While other major
markets are experiencing an increase in vacancies and decline in rent growth, Providence has seen much different
results with lower vacancy rates and rent growth over 3.5%+/-. In addition, since 2016, the DownCity market has
continued to see an increase in residential conversions and new developments. With 30,000+/ - students coming to the
city each year to attend our major universities such as Brown University, RISD & Johnson & Wales University, the
students play a large role in occupying these units .
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m 9
Pedestrian Bridge Newly Newly Completed 2019
South Street Landing Newly Completed 2017
Public Waterfront ParkU/C -Completion 2020
Brown University Campus
River House Grad Housing Newly Completed 2019
RI School of Design
RI Hospital CampusHasbro Children’s Hospital
Johnson & Wale University
Central Business District
Lifespan Brown Medical School
Historic Federal Hill
East Side
Providence Place Mall
Innovation & Science District
Women & Infants Hospital
Capital Center
10 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
Micro-Loft Living
The Micro-Loft l iv ing room design with bui l t - in seat ing and storage
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m 11
The Micro-Loft eff ic iency ki tchen and bath design
Wey
bo
sset
Str
eet
217217 216 215 214 213
202 201
224 223 222 221
S
O
L
D211212 205 204 203
207 206
218
2nd Floor Plan
Unit #212358.62 SF
Unit #211333.95 SF
Unit #207415.37 SF
Unit #206416.42 SF
Unit #205335.05 SF
Unit #204333.95 SF
Unit #203333.46 SF
Unit #202335.00 SF
Unit #201359.83 SF
Suite #224360.22 SF
Unit #223339.76 SF
Unit #222333.22 SF
Unit #221332.43 SF
Unit #218332.31 SF
Unit #217335.82 SF
Unit #216336.94 SF
Unit #215334.97 SF
Unit #214334.21 SF
Unit #213353.84 SF
S
O
L
D
S
O
L
D
S
O
L
D
S
O
L
D
Westm
inster Street
THE OPPORTUNITY
THE OPPORTUNITY
317217 316 315 314 313
302 301
324 323 322 321
S
O
L
D311312 305 304 303
318
3rd Floor Plan
Unit #312283.04 SF
Unit #311264.88 SF
Unit #307262.14 SF
Unit #306326.23 SF
Unit #305267.82 SF
Unit #304270.40 SF
Unit #303333.46 SF
Unit #302264.00 SF
Unit #301285.30 SF
Suite #324286.72 SF
Unit #323267.81 SF
Unit #322261.66 SF
Unit #321263.58 SF
Unit #318268.88 SF
Unit #317265.73 SF
Unit #316266.53 SF
Unit #315263.41 SF
Unit #314265.36 SF
Unit #313285.01 SF
Wey
bo
sset
Str
eet
Westm
inster Street
S
O
L
D
S
O
L
D
S
O
L
D
S
O
L
D
306307
14
The Arcade Providence – 2ND Floor
Second floor ranges in size between 332.31 to 416.42 square feet of fully renovated
micro-loft units. All condo units are efficiently designed 1-bedroom units with a
three-quarter sized refrigerator, dishwasher and microwave. Units have a full bath
with a stand-up shower, built-in beds, seating and storage with additional storage in
the basement. The residential units are safe and secure and can only be accessed by
residents with a key fob system. The building is fully equipped with security cameras
and the retail floor is closed to the public with automatic doors locking at 9pm.
h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
Floor Plan
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m 15
The Arcade Providence – 3rd Floor
Third floor units have a slightly smaller footprint and range in size between 261.66
to 326.23 square feet. All condo units have the same design with similar layouts
and finishes as the second-floor units. These trendy, attractive micro-loft units
offer residents the benefits of small business retail and restaurants on the first-
floor level of the Arcade, as well as the urban lifestyle of Downtown Providence
Including theatres, restaurants, shopping, art and culture, entertainment with
convenient access to public transportation. The Arcade Providence is located
within walking distance to Johnson & Wales University, Brown University, RISD and
other downtown academic campuses.
Floor Plan
16 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
The Arcade Providence
History
The History
Built in 1828, the Arcade is the nation’s oldest indoor shopping mall and remains
the historic heart of Providence’s downtown. This beautiful structure with its
distinguished Greek Revival columns, granite walls, and classic facades still stands
barely touched through its more than 185 years watching over Westminster and
Weybosset Streets. For years, those who worked in, lived in, or visited the city
have walked up the Arcade’s wide, granite steps into the open center atrium to
frequent the bustling eateries and shop in the small stores.
This icon of Providence and lobby of the city’s financial district is listed on the
National Register of Historic Places and in 1976, it was designated a National
Historic Landmark. The new arcade providence retains the historic value of the
property and has won accolades from the City of Providence and the Providence
Preservation Society.
SOURCE: https://www.arcadeprovidence.com/
17c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m
“The reopening of the Arcade is an exciting development for Providence. This project
breathes new life into America’s oldest indoor mall and one of our city’s most
historically significant buildings, with a mix of retail, restaurants and affordable
housing for young professionals in the heart of downtown Providence.
— Angel Taveras, former Mayor of Providence
18 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
19c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m
20 h a y e s s h e r r y . c o m | t h e a r c a d e p r o v i d e n c e
Providence combines the accessibility and friendliness of a small town with the
culture and sophistication of a big city. With a thriving arts community, vibrant
and diverse neighborhoods, outstanding hotels, a renowned restaurant scene, and
so many things to do, Providence is the perfect place to visit. ~GoProvidence
PROVIDENCE OVERVIEW
Providence Water Fire Cultural & Academic Community
Unique Restaurants
Shopping & Nightlife
Providence Pedestrian Bridge
c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m 21
Recommended