Hearing will discuss the future of Providence Place Mall
PROVIDENCE, R.I. (WJAR) — A hearing to appoint a receiver for the Providence Place mall will happen Wednesday morning.
A judge placed the property in receivership last month, and its future is unclear.
Providence Place is in the hands of two court-appointed receivers, according to court documents.
Receivership is a state-level version of bankruptcy.
The mall’s largest private lenders claim that the company that manages the mall owed $259 million in October.
According to a release from Ferrucci Russo Dorsey, temporary receivers Mark Russo, Esq. and John Dorsey, Esq. of Ferrucci Russo Dorsey, replaced mall manager Brookfield Properties with Centennial on Nov. 15.
“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.”
The release says Centennial has extensive experience managing retail and mixed-use destinations in multiple states.
“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.
Since the mall opened in 1999, major anchor stores have come, gone, and been replaced.
Mayor Brett Smiley said he still thinks the mall’s future has promise.