Pyramid Management announces aggressive repositioning of Providence Place mall
Pyramid Management Group — one of the nation’s largest private owners of super regional malls and centers — has issued a press release expressing joy over having been reunited with a property the Syracuse-based company originally developed in the late 1990s.
In partnership with Paolino Properties and DW Partners, Pyramid will now return as an owner-operator at the Providence Place mall in Providence, R.I., the 1.4 million-sq.-ft. retail centerpiece of the state’s capital and its largest mall.
The transaction, which includes both the real estate and management of the center valued at approximately $133 million, represents the beginning of a comprehensive repositioning and revitalization process for one of New England’s most prominent retail assets, according to Pyramid CEO Stephen Congel.
“The acquisition of Providence Place is a meaningful full‑circle moment for our family and for Pyramid,” Congel said. “This property was originally developed by my father, Robert Congel, and returning it to our ownership and management underscores our long‑term commitment to investing in communities, revitalizing iconic assets, and positioning them for continued success.”
Providence Place, a defining element of downtown Providence’s growth, has seen substantial stabilization during receivership, including essential improvements to security, maintenance, and core infrastructure. With court approval now in place, Pyramid, Paolino Properties, and DW Partners will proceed with finalizing a purchase and sale agreement in coordination with the receiver.
Paolino Properties is headed by Joe Paolino, who served as the mayor of Providence from 1984 to 1991.
The partnership consists of a combination of experienced mall operators with deeply rooted local ownership.
“Together, the group shares a long-term vision centered on responsible ownership, strong operations, and the continued transformation of downtown Providence,” according to the press release.
Providence Place houses more than 70 tenants that include Apple, Dave & Busters, Boscov’s, Build-A-Bear Workshop, Sephora, The Cheesecake Factory, Uniqlo, Zara, Champs Sports and Fogo De Chao Brazilian Steakhouse.
