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Providence Place Mall will “reimagine” tenant mix, work on security, housekeeping. Next, parking.
New efforts underway to revitalize Providence Place Mall
New plans and improvement efforts are underway for Providence Place Mall, as its temporary receivers work to ensure the mall “remains a cornerstone of downtown Providence and a thriving consumer destination for years to come” according to a press release received by Ferrucci Russo Dorsey, the current receivers of the mall.
A hearing on a permanent receivership plan is scheduled for today, December 4, 2024.
Temporary receivers Mark Russo, Esq. and John Dorsey, Esq. of Ferrucci Russo Dorsey replaced mall manager Brookfield Properties with Centennial on November 15, under a new one-year property management and leasing agreement in place with the receivership estate.
“Centennial was well-positioned to successfully take over property management in just two weeks after Providence Place was petitioned for receivership on October 29,” said Mark Russo. “Part of our current court-supervised receivership process is designed to stabilize and strengthen the mall’s operations and financial health. Centennial’s proven track record in revitalizing retail spaces will help us bring in new perspectives, strategies, and tenants that support a strong future for Providence Place.”
As a retail real estate owner and operator, Centennial has an extensive national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. Operating 23 million square feet of retail and mixed-use destinations in 18 states, Centennial’s on-site management personnel and plans will coordinate with the work of the temporary receivers leading into the holiday season and beyond.
“Recognizing the headwinds facing retail nationwide–including evolving consumer preferences and challenges for anchor tenants–the new receivership process presents a powerful opportunity for Providence Place to re-imagine its tenant mix and create a more dynamic retail experience that aligns with current market trends,” added John Dorsey.
Russo and Dorsey have been working closely with Macy’s, confirming plans for the Providence store to remain open for the immediate future serving customers in the area.
“While the mall’s many stores continue their offerings at Providence Place, we are actively pursuing opportunities to bring in exciting new tenants to further improve its appeal,” said Russo. “The mall’s prime location, high visibility, and established reputation make it an attractive destination for businesses looking to reach a diverse and dynamic customer base.”
Through the receivership process, the temporary receivers–in partnership with Centennial–will face the property’s challenges head-on and work toward long-term sustainability for the mall, its tenants, and the community it serves.
Immediate improvements are already underway as the key holiday shopping season approaches, including addressing security protocols, improving housekeeping, identifying and making some facility repairs, and repairing or replacing some equipment. Parking improvements will soon follow in the new year.
As further improvement needs are identified, the temporary receivers are beginning to meet and discuss the receivership process and its next steps with tenants and community leaders, and develop a plan for further community engagement opportunities.
“We’re committed to doing all we can to make Providence Place Mall a reinvigorated destination and key asset for our city and state,” said Dorsey.
About Centennial
Centennial is a retail real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. With over 300 employees nationwide, the company now operates 23 million square feet of mixed-use destinations in 18 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.
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They aren’t improving anything. They’ve taken out all the kiosks in the mall where you can pay for parking, turning the garage into some of the most annoying chaos you’ve ever encountered during its busiest time of year. These new managers are just stringing us along look for ways to funnel more public money into developing property to generate profit for capitalists. Everyone with a functioning conscience should be boycotting nearly every business in there anyway. They all support genocide and apartheid.
I was totally lost in the parking lot, with no help from employees. I’ll never go there again.