Update: R.I. Mall Goes Full-Circle with Original Owner

When Shop! last visited what’s going on with the Providence Place mall in that Rhode Island city’s downtown (courtesy of a story by The Boston Globe), the complex was in receivership, losing tenants and unsure what would come next.  But now, it appears the troubled center’s future will be guided by Pyramid Management Group, its original owner.

Per a posting on his LinkedIn page, Pyramid CEO Stephen Congel said his Syracuse, N.Y.-based company “is proud to announce that we have been named the successful party granted exclusive rights to negotiate the purchase and sale of Providence Place, one of New England’s most iconic urban shopping and entertainment destinations.”

He added that this represents a full-circle moment for both the complex and his company, which operates nine malls, including one in Massachusetts and the others in such New York markets as Albany, Buffalo and Watertown. “My father, Robert, originally developed the property in the 1980s and 1990s, and returning to ownership and management today makes this moment especially meaningful.

“We look forward to collaborating with our partners, Paolino Properties [which is run by former Mayor Joe Paolino, one of the original proponents of the mall], and DW Partners, local stakeholders, tenants, and community leaders to build on the property’s strong foundation and reimagine what’s possible for this landmark destination.”

‘With its prime location, vibrant community ties and incredible potential, Providence Place is poised for thoughtful reinvestment and reinvigoration that serves both shoppers and the city alike,” he wrote But Congel offered no details yet on what the future may hold for the mall, which the partners are acquiring for a reported $133 million cash bid.

“Stay tuned for what’s next!,” Congel concluded his message. We will.