Providence Place under temporary receivership, announces efforts made to revitalize mall
Dec 03, 2024
PROVIDENCE, R.I. (WLNE) — The company under temporary receivership of Providence Place announced Tuesday that new efforts are being put towards revitalizing the mall.
Centennial, a retail real estate investment firm, replaced the mall’s previous manager Brookfield Properties on Nov. 15, holding a one-year contract for temporary receivership.
On Oct. 29, Providence Place was petitioned for receivership.
Mark Russo and John Dorsey of Ferrucci Russo Dorsey, the temporary receivers of the mall in partnership with Centennial, said they are working toward long-term sustainability for the mall through improving security protocols, housekeeping, facility repairs, and equipment.
Russo said they have been discussing a plan with Macy’s to stay open “for the immediate future,” as well as are pursuing other tenants to add to the mall.
“While the mall’s many stores continue their offerings at Providence Place, we are actively pursuing opportunities to bring in exciting new tenants to further improve its appeal,” Russo said. “The mall’s prime location, high visibility, and established reputation make it an attractive destination for businesses looking to reach a diverse and dynamic customer base.”
Additionally, they plan to improve parking in 2025.
A permanent receivership plan hearing is set for Dec. 4.
Categories: News, Providence, Rhode Island