PROVIDENCE, RI — August 20, 2026 — Paolino Properties, Pyramid Management Group LLC and DW Partners today announced the closing of their acquisition of Providence Place, marking a new chapter for one of New England’s most prominent retail destinations and a defining component of downtown Providence.
The ownership, investment and operating partnership combines deep Rhode Island ties with decades of experience in complex commercial real estate. Joseph R. Paolino Jr., CEO and Managing Partner of Paolino Properties, is the former Mayor of Providence and Rhode Island Director of Economic Development who has spent decades investing in and shaping the city’s downtown. Aaron Bryson of DW Partners, one of the equity investors in the ownership group, is also a Rhode Islander with an established investment presence in Providence. Pyramid’s connection to the property goes back to its beginning: Pyramid founder Robert Congel was the original developer of Providence Place.
“Providence Place has played an important role in the evolution of downtown Providence for more than 25 years, and we believe strongly in what it can be for the next 25,” said Paolino. “For me, this is also deeply personal. When I was Mayor, it was my dream to bring major retail to downtown Providence, and I worked with Robert Congel at Pyramid to lay the groundwork for what would ultimately become Providence Place. Later, as the State’s Director of Economic Development, I was fortunate to be part of the team that traveled to Seattle to recruit Nordstrom as one of the mall’s original anchors. Now, more than a quarter-century later, I have the
opportunity to help shape Providence Place’s next chapter. I’ve always believed we have a responsibility to leave things better than we found them, and that’s what we intend to do here. We know this city, we believe in this city, and we’re invested here for the long term.”
The new ownership group will focus on attracting new tenants and experiences, reinvesting in the property and improving the experience for shoppers, visitors and the broader downtown community. The partners will build upon stabilization efforts undertaken during receivership, including upgrades to security, maintenance and infrastructure, while drawing on Pyramid’s more than 50 years of experience operating major shopping, dining and entertainment destinations throughout the Northeast.
“Providence Place has always been a special property for Pyramid and for my family,” said Stephen J. Congel, Chief Executive Officer of Pyramid Management Group. “My father had the vision to develop Providence Place and believed deeply in what this property could mean for downtown Providence. To return more than 25 years later as an owner and operator is a true full-circle moment for us. We see tremendous opportunity ahead to reinvest in the property, attract compelling new tenants and experiences, and apply our operating expertise to make Providence Place an even stronger destination. We also know that realizing that potential requires strong collaboration with the City, and our conversations with Mayor Smiley and his administration have given us confidence that we will have an engaged partner as we begin this next chapter.”
Working with the City, the ownership group expects to explore opportunities to improve traffic circulation, parking and access to Providence Place, including potential new services such as valet parking. Pyramid will bring its experience managing traffic and access at large-scale retail destinations to that work.
“Providence Place is an important part of our Downtown, and I am happy to see someone like former Mayor Joe Paolino and partners at Pyramid who understand Providence, believe in our city and are invested in its continued success, take ownership,” said Mayor Brett Smiley. “This is an exciting opportunity to build on the mall’s successes and ensure that it continues to contribute to be a vibrant, growing and successful destination for years to come.”
Located adjacent to the Rhode Island Convention Center, Amica Mutual Pavilion and Waterplace Park and within walking distance of the Providence train station, Providence Place occupies a central position within the downtown ecosystem.
The partnership expects to announce additional details regarding new tenants, investment and property improvements as plans progress.
About Paolino Properties
Paolino Properties is a fourth-generation, family-owned and operated real estate investment, development, and management company. Led by Managing Partner Joseph R. Paolino Jr., Paolino Properties is one of the largest family-owned commercial real estate companies in New England, managing over 40 properties at a total of nearly 3 million square feet. With a diverse portfolio of retail, commercial, residential, and hospitality properties, the company has experience in partnering with a wide-ranging client base in Providence and beyond. In addition to 100 Westminster Street, a Class A office building where the company is headquartered and which is a part of the iconic Providence skyline, Paolino Properties owns The Beatrice hotel and a variety of Class A and Class B commercial properties, retail shopping centers, high-end residential developments, a world-class marina in Newport, and more than 1,000 parking spaces within the city of Providence.
About Pyramid Management Group, LLC
Pyramid Management Group is one of the largest, most innovative, privately held real estate developers in the Northeast. Headquartered in Syracuse, New York, Pyramid’s portfolio of dynamic shopping, dining and entertainment destinations and expanding hospitality presence dominate the Northeast with 9 properties located throughout New York and Massachusetts, including Destiny USA (Syracuse, NY), Crossgates (Albany, NY) and Walden Galleria (Buffalo, NY). For over 50 years, Pyramid has built its reputation on being first, fast, and ahead of the curve, leading the industry in combining the best elements of traditional retail with world-class dining and entertainment, all under one roof.
About DW Partners
DW Partners, founded in 2009 by David Warren, is a $4+bn alternative credit/real estate firm with a strong track record investing in structured finance and real estate investments. The commercial real estate platform is vertically integrated across debt and equity and various property types. The firm has a long history of successfully investing in downtown Providence alongside Paolino Properties.