Paolino Properties purchases the Fletcher Building for $2.8 million

Fletcher Building, Two Charles Street - Providence, RI

Providence, RI Paolino Properties, a leader in real estate investment, development, and management services, has closed on the acquisition of a historic city landmark, the city’s Fletcher Building. Built in 1868, the 25,000 s/f restored brownstone property was acquired from local developer Harold Schein for $2.8 million. This was a direct sale, no brokers were involved.

Located at Two Charles St. in the heart of downtown Providence, The Fletcher Building is situated on the Providence River in close proximity to the capital city’s bustling Smith Hill and College Hill neighborhoods. The acquisition of this unique space further diversifies and enhances the expanding Paolino real estate portfolio.

“We are very excited about the purchase of The Fletcher Building as it aligns perfectly with both our acquisition strategy and our commitment to Rhode Island’s growing economy,” said Joseph Paolino, Jr., managing partner of Paolino Properties. “It is truly a historic gem nestled beautifully in the heart of downtown Providence.”

Joseph Paolino, Paolino Properties

Listed on the National Register of Historic Places, this iconic structure originally stood amongst several textile buildings within a four-acre mill complex that was owned and operated by The Fletcher Manufacturing Company, one of the city’s largest manufacturing outlets during the 19^th century.

Over the years the mill complex would home a variety of manufacturing companies, most notably the International Braid Company who bought out Fletcher Manufacturing Company at the turn of the century and occupied the facility through the mid-1950s. Although a devastating fire in the early 1970s would eventually destroy most of the complex, The Fletcher Building was salvaged and would ultimately receive designation as a historical landmark in 1973.

Today this four-story, fully-redeveloped brownstone consists of a 60-car parking lot and build-to-suit office suites that feature spacious floor plans with high ceilings, exposed brick and beams, and oversized windows that provide cityscape views.

With its loft-style architecture and central location to many of the city’s amenities and attractions, The Fletcher Building has the potential to serve as one of the premier office spaces in all of the city.

“Providence is rich in history and our company prides itself on being good stewards of the city’s iconic buildings while bridging the past to the future,” Paolino said. “Providence is a dynamic city and we have great confidence in its economic direction, and we will continue to invest in desirable locations throughout the city that can provide cutting edge facilities for businesses and their employees.”

Founded in 1900, Paolino Properties is a fourth generation, family-owned and operated real estate investment, development, and management company. With roots in downtown Providence, the company’s holdings include office, industrial, retail, and residential properties throughout Rhode Island and beyond.