Investment group selected to buy Providence Place mall in $133M deal

PROVIDENCE, R.I. — An investment group led by Providence businessman Joseph Paolino has been selected to purchase Providence Place mall, marking a major step in the future of one of Rhode Island’s largest shopping centers.

The deal, valued at approximately $133 million, comes after the mall was placed into receivership following a default on more than $250 million in debt.

The group’s selection was recommended by the court-appointed receiver overseeing the property, though the sale must still receive final approval from a judge before it is completed.

Providence Place, which opened in 1999 as a key part of the city’s economic revival, has faced increasing challenges in recent years. The mall has seen declining occupancy, store closures, and shifting retail trends, raising questions about its long-term viability.

The potential sale represents a full-circle moment for Paolino, who played a role in the mall’s early development decades ago. Now, as part of a new ownership group, he could help guide its next chapter.

While specific redevelopment plans have not yet been finalized, the new ownership group is expected to explore ways to revitalize the property and adapt it to changing retail and entertainment demands.

The sale, if approved, could significantly impact downtown Providence, where the mall remains a major economic driver and centerpiece of the city’s retail landscape.