PROVIDENCE, R.I. — The attorneys managing Providence Place mall have hired a real estate broker with plans to put the downtown shopping complex up for sale next month.
The 1.4 million-square-foot mall has been in receivership, a version of bankruptcy, since last October, when its lenders claimed the former operator defaulted on a $259 million debt.
R.I. Superior Court appointed attorneys K. Mark Russo and John Dorsey to stabilize the property and prepare it for new ownership. The attorneys confirmed Chicago-based broker Jones Lang LaSalle (JLL) was hired last month with court approval.
The commercial real estate firm is now conducting due diligence and taking the proper steps for the property to be able to be sold.
Potential buyers will have their proposals reviewed by the court will also consider “whether a proposal is realistic, supports the long-term viability of the property, aligns with the interests of the city and community, and other important factors.”
Once a buyer is identified, Russo said he will make a recommendation to the court, which will hold a public hearing before approving or denying a sale.
The mall, which first opened in 1999, currently pays the city about $500,000 a year under a tax treaty, however, it expires in 2028.
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