Project: The Sponsor, 30 Kennedy Partners, LLC, is proposing to build a 48-room boutique hotel. The rehabilitation of the historic, mid-1800s, 5 story Exchange Bank Building is located directly across from Kennedy Plaza in downtown Providence. Total project costs are estimated at approximately $19.35 million.
Approved Incentive: The Sponsor has requested up to $4,250,000 in Tax Increment Financing.
Sponsor Description: The Sponsor, 30 Kennedy Partners, LLC, is an entity controlled by Joseph R. Paolino Jr., Managing Partner of Paolino Properties. Paolino Properties acquires, develops and manages retail, office, and multifamily space across Rhode Island, including the Vanderbilt Residences at Brown & Howard Wharf in Newport, and the 77 acre Parkade Shopping Center in Cranston. Paolino Properties also owns significant office space in downtown Providence including 100 Westminster Street, a 20-story downtown office tower.