Current Events

The former People’s Savings Bank is the latest commercial building in the heart of downtown Providence being tapped for residential space. Algen Construction and Development Corp., a former New York-based company originally set to redevelop the Masonic Temple in 2001, will head the project, which will include nine condominium units and one commercial space.

Algen’s development of the former bank is the latest in a succession of redevelopment projects downtown that have aimed to turn underused or vacant office buildings into high-end condos. Some of these high-profile projects include The Cosmopolitan on Fountain Street, and the Alice and Lerner buildings near City Hall.

The six-story former bank building faces Kennedy Plaza on one side and Westminster Street on the other. Each floor is expected to have two condo units; the building is actually cut in half with two towers, so units on the Kennedy Plaza side would be larger, about 1,800 square feet, with two bedrooms and two bathrooms. The smaller units on the Westminster side will be about 900 square feet, with one or two bedrooms and one bathroom. Prices for the units will range from $276,900 to $699,000.

Commercial space, which occupies the majority of the basement, would most likely be leased. Algen, which considers Providence to be its world headquarters, now occupies the majority of the fourth floor on the Westminster Street side and CVS is on the bottom floor facing Kennedy Plaza.

According to Glen Lombardi, principal broker for North Providence-based DiBiase Associates, which is managing the sale of the units, Algen started advertising the units at the beginning of August. DiBiase currently has commitments for five of the nine units, though no one has purchased any yet, he said.

Some of the amenities that will come standard in the units will be hardwood floors, marble bathrooms and stainless steel appliances. Those people who purchase early may have the opportunity to customize some elements of the unit, Swanson said. The other units will be built in the standard layout, he said. The units on the Kennedy Plaza side are restricted in layout by the building’s design; the units on Westminster Street are like open rooms.

As to when the units might be completed, Swanson said he wasn’t sure of a date; Algen is currently completing paperwork for construction. Swanson did say, however, that the condos would be ready in less than a year.

From Providence Business News

Anecdotes

AZ  Hey! I work at the CVS on there… yeah, I went to the fifth floor and saw the nice fix condo, it was all mirrors as i stepped in, but the other floors are just duct work. The new guy that is taking charge of the building is not doing a good job, well he aint even doing nothing… he just trys to boss my managers and uses our phones like if he owned CVS.

Karl Swanson  I’ve read your ad relating to the People’s Bank Building, and have some insight. I was the Project Manager for Algen, in charge of this project. (As you see the reference to “Swanson” in the article) The work has come to a hault, as Algen has sold the property to another developer. We are no longer involved, and I’m reluctant to say if it will ever get completed at this point. We did finish one model unit on the Fifth floor of the Kennedy Plaza side, which turned out to be a beautiful condo, with a breath taking view. Hopefully someone will step up and get this buiding done, as it will be a great spot to live.

Add your Anecdotes

The information about each building grows as visitors let us know about their experiences. Did you or a member of your family work here? Did you grow up near it as a child? Let us know. All entries will be moderated and may be posted in an edited form. We will use your name unless you tell us otherwise. We will not make your email public.