The Arcade Providence A historic revival

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Executive Summary 4

Investment Summary 6

The Opportunity 12

The Arcade’s History 16

Providence Overview 18

CONTENTS

4

C O N T E N TS

Contact Information:

Derek Brazeau Multifamily Broker+1 401 273 2052dbrazeau@hayessherry.com

Pete Hayes Partner+1 401 273 7426phayes@hayessherry.com

mailto:phayes@hayessherry.com

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EXECUTIVE SUMMARY

H a y e s & S h e r r y , a C u s h m a n & W a k e f i e l d a l l i a n c e m e m b e r , has been exclusively engaged to sell 38 residential

condominium units at “The Arcade”, located in downtown Providence, Rhode Island. One of Rhode Island’s landmarks, built in

1828, The Arcade Providence is the oldest indoor shopping mall in America. The Greek Revival architecture stretches between

Westminster and Weybosset Streets with it’s massive, 45-foot-high columns, wide granite staircase and the light-filled atrium that

extends the length of the building. In 1976, the iconic building was designated a National Historic Landmark.

These 38 unique micro-loft designs are inviting to many and are all efficiently designed to meet a wide range of consumer

needs. Located in the heart of Providence’s Financial District it offers its residents live, work, play in what many call “a

neighborhood within a neighborhood” as well as enjoying the local retail shops, historic Federal Hill dining, DownCity

amenities, including fitness, restaurants, banking, specialty shops, coffee shops, theatres, college campuses, RI Public

Transportation, Amtrak and MBTA.

The Arcade Providence is a unique residential investment opportunity. This opportunity is the acquisition of 38 fully renovated

micro-lofts that have been converted into individual condominium units with a strong occupancy history . The micro-loft units

are being sold as an investment package and allows the new owner to control the association and continue to lease or sell, as

necessary.

The Providence Arcade is probably the single most important example

of commercial architecture in Providence, and a building of national

significance. The reopening of the Arcade is a monumental, much –

longed for occasion, and a great gift to the residents of the city.

— James Hall, former Director of the Providence Preservation Society

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INVESTMENT SUMMARY

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130 Westminster Street

Providence, RI

38 Micro-Loft Condominium Units±261 SF to ±416 SF/unit

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The Arcade Providence

Residential condos on the second and third floors, small business retail and restaurant shops on the first floor

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The Providence Multifamily Market

…continues to remain optimistic by outperforming its peers in larger, more dense, urban, cities. While other major

markets are experiencing an increase in vacancies and decline in rent growth, Providence has seen much different

results with lower vacancy rates and rent growth over 3.5%+/-. In addition, since 2016, the DownCity market has

continued to see an increase in residential conversions and new developments. With 30,000+/ - students coming to the

city each year to attend our major universities such as Brown University, RISD & Johnson & Wales University, the

students play a large role in occupying these units .

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Pedestrian Bridge Newly Newly Completed 2019

South Street Landing Newly Completed 2017

Public Waterfront ParkU/C -Completion 2020

Brown University Campus

River House Grad Housing Newly Completed 2019

RI School of Design

RI Hospital CampusHasbro Children’s Hospital

Johnson & Wale University

Central Business District

Lifespan Brown Medical School

Historic Federal Hill

East Side

Providence Place Mall

Innovation & Science District

Women & Infants Hospital

Capital Center

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Micro-Loft Living

The Micro-Loft l iv ing room design with bui l t - in seat ing and storage

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The Micro-Loft eff ic iency ki tchen and bath design

Wey

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217217 216 215 214 213

202 201

224 223 222 221

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D211212 205 204 203

207 206

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2nd Floor Plan

Unit #212358.62 SF

Unit #211333.95 SF

Unit #207415.37 SF

Unit #206416.42 SF

Unit #205335.05 SF

Unit #204333.95 SF

Unit #203333.46 SF

Unit #202335.00 SF

Unit #201359.83 SF

Suite #224360.22 SF

Unit #223339.76 SF

Unit #222333.22 SF

Unit #221332.43 SF

Unit #218332.31 SF

Unit #217335.82 SF

Unit #216336.94 SF

Unit #215334.97 SF

Unit #214334.21 SF

Unit #213353.84 SF

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THE OPPORTUNITY

THE OPPORTUNITY

317217 316 315 314 313

302 301

324 323 322 321

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D311312 305 304 303

318

3rd Floor Plan

Unit #312283.04 SF

Unit #311264.88 SF

Unit #307262.14 SF

Unit #306326.23 SF

Unit #305267.82 SF

Unit #304270.40 SF

Unit #303333.46 SF

Unit #302264.00 SF

Unit #301285.30 SF

Suite #324286.72 SF

Unit #323267.81 SF

Unit #322261.66 SF

Unit #321263.58 SF

Unit #318268.88 SF

Unit #317265.73 SF

Unit #316266.53 SF

Unit #315263.41 SF

Unit #314265.36 SF

Unit #313285.01 SF

Wey

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inster Street

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The Arcade Providence – 2ND Floor

Second floor ranges in size between 332.31 to 416.42 square feet of fully renovated

micro-loft units. All condo units are efficiently designed 1-bedroom units with a

three-quarter sized refrigerator, dishwasher and microwave. Units have a full bath

with a stand-up shower, built-in beds, seating and storage with additional storage in

the basement. The residential units are safe and secure and can only be accessed by

residents with a key fob system. The building is fully equipped with security cameras

and the retail floor is closed to the public with automatic doors locking at 9pm.

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Floor Plan

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The Arcade Providence – 3rd Floor

Third floor units have a slightly smaller footprint and range in size between 261.66

to 326.23 square feet. All condo units have the same design with similar layouts

and finishes as the second-floor units. These trendy, attractive micro-loft units

offer residents the benefits of small business retail and restaurants on the first-

floor level of the Arcade, as well as the urban lifestyle of Downtown Providence

Including theatres, restaurants, shopping, art and culture, entertainment with

convenient access to public transportation. The Arcade Providence is located

within walking distance to Johnson & Wales University, Brown University, RISD and

other downtown academic campuses.

Floor Plan

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The Arcade Providence

History

The History

Built in 1828, the Arcade is the nation’s oldest indoor shopping mall and remains

the historic heart of Providence’s downtown. This beautiful structure with its

distinguished Greek Revival columns, granite walls, and classic facades still stands

barely touched through its more than 185 years watching over Westminster and

Weybosset Streets. For years, those who worked in, lived in, or visited the city

have walked up the Arcade’s wide, granite steps into the open center atrium to

frequent the bustling eateries and shop in the small stores.

This icon of Providence and lobby of the city’s financial district is listed on the

National Register of Historic Places and in 1976, it was designated a National

Historic Landmark. The new arcade providence retains the historic value of the

property and has won accolades from the City of Providence and the Providence

Preservation Society.

SOURCE: https://www.arcadeprovidence.com/

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c o n f i d e n t i a l o f f e r i n g m e m o r a n d u m

“The reopening of the Arcade is an exciting development for Providence. This project

breathes new life into America’s oldest indoor mall and one of our city’s most

historically significant buildings, with a mix of retail, restaurants and affordable

housing for young professionals in the heart of downtown Providence.

— Angel Taveras, former Mayor of Providence

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Providence combines the accessibility and friendliness of a small town with the

culture and sophistication of a big city. With a thriving arts community, vibrant

and diverse neighborhoods, outstanding hotels, a renowned restaurant scene, and

so many things to do, Providence is the perfect place to visit. ~GoProvidence

PROVIDENCE OVERVIEW

Providence Water Fire Cultural & Academic Community

Unique Restaurants

Shopping & Nightlife

Providence Pedestrian Bridge

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