The Providence Arcade
From Robert Whitcomb’s “Digital Diary,’’ in GoLocal24.com
It says something about American’s changing demographics and housing sector that The Arcade, in downtown Providence, built in 1828 and often called “America’s First Mall’’ is going condo, including retail on its first floor and, even more interesting, the tiny apartments on its second and third floors. These units range from 225 to 800 square feet. I suppose that buying them will appeal to simplicity-seeking and/or crash-strapped folks under 40, many without cars, and to older single people. And people wait longer these days to marry, if they do at all, and delay having kids. Thus many don’t want or need much space.
These 48 “micro-lofts’’ will start at $130,000 to $140,000 each and the 20 spaces for shops at $125,000.
What a difference from the McMansions that have sprouted up in the past couple of decades!
Having these condos owned by their occupants should be a further stabilizing force in downtown Providence, unless, perhaps, a lot of the owners try to rent them out themselves, resulting in heavy turnover of occupants.
Please hit this link to read the GoLocal story on this.
