Exchange Street Hotel
The Sponsor is proposing the construction of a 120-room “extended stay” hotel with ground floor retail in downtown Providence. The rooms will include kitchens and are geared towards business travelers staying more than two nights. The hotel will also provide shuttle service to T.F. Green International airport. The total project cost is estimated at approximately $24.5 million.
The Sponsor has requested up to $3,000,000 in Tax Increment Financing.
The sponsor is a joint venture between First Bristol Corporation (controlled by James Karam through JKM Hotel, LLC) and Parcel Twelve Partners, LLC (controlled by Joseph Paolino, Jr., managing partner of Paolino Properties). Headquartered in Fall River, MA, First Bristol Corporation is a successful regional owner and operator of over 800 hotel rooms in seven hotels across Southern New England. Paolino Properties acquires, develops, and manages retail, office, and multifamily properties across Rhode Island — including projects such as the Vanderbilt Residences at Brown & Howard Wharf in Newport, the 77-acre Parkade Shopping Center in Cranston, and the new police station in Cranston. Paolino Properties also owns significant office space in downtown Providence, including 100 Westminster Street — a 20-story, downtown, office tower — and two smaller properties at 30 Kennedy Plaza.
Economic Impact Analysis