Hotel Beatrice

HotelBeatrice_exteriorProject: 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 HotelBeatrice_interiorProperties. 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.

 

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