Historic US mall reimagined as affordable apartment complex

Daily Mail​

21-04-2025

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America's oldest indoor shopping mall in Rhode Island has been transformed into affordable micro-lofts. Flipping the retail space at the Arcade Providence into homes has 'been a driver for economic recovery in Providence's Financial District', according to the architects.
The national landmark was named one of the nation's finest commercial buildings and, after closing in 2008, it became endangered before the developer proposed the $7million reuse project. Many cities have found the flipping of buildings, such as this, have promoted a solution for economic recovery as well as satisfying the over-demand for urban housing, Congress for the New Urbanism wrote.
The location provides young professionals the opportunity to live in a central location with rents that start at $550 per month. It has been described as an 'incubator for young professionals' by the designers Northeast Collaborative Architects. 'Providence has shown that bold vision and creative planning can be an economic boon to a city. From creating more downtown housing to providing retail space for local entrepreneurs, to rehabilitating a beautiful and historic building... the project is a great example of economic development that just works,' said Mayor Jorge Elorza.
The 400 square foot spaces also promote start-up businesses. 'Many tenants are artisans, and the project functions as an incubator for young professionals,' according to Northeast Collaborative Architects. Even before opening back in 2012, the developer had 300 applicants for the building. One resident, Amy Henion, told CNBC: 'It's cool to be part of such a historic building and knowing that every single one of these units used to be a shop of some kind.'
Henion, a 33-year-old graphic designer, had been living in the unit for two years and appreciated the easy access to amenities that it offered. 'You have access to amenities that you don't get if you're just living in a home in a suburb, like, if I want to get my hair cut, I can walk downstairs and get my hair cut,' she said. 'If I want to pick up lunch, I don't even have to leave the building, even if the weather outside is awful.'
Not only can tenants get easy access to the businesses in the building, but they also have close access to Brown University and the Rhode Island School of Design as well as thousands of jobs. Its central location allows for easy walkability for residents as well as easy transit options and bicycle storage. The lofts share a balcony walkway to promote socializing as well as community spaces, including a lounge, laundry room and exterior balconies.
Others took the opportunity to own loft spaces in such a central location as a chance to make some money. Scott Sheehan, a 31-year-old tax advisor and real estate investor, bought an apartment inside the mall for $250,000. Sheehan decided to rent it out on Airbnb, and estimated he could make between $25,000 and $45,000 in revenue annually. 'At the end of the day, it's a unique experience,' Sheehan told CNBC. 'It's a great alternative to a hotel room.'
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