Who owns Providence Place Mall? This question has intrigued many shoppers and business owners alike. Located in Providence, Rhode Island, Providence Place Mall is one of the largest shopping centers in the region, offering a wide variety of stores, restaurants, and entertainment options. Understanding the ownership of such a significant commercial property is crucial for those interested in the mall’s future developments and the impact on the local economy.
Providence Place Mall, opened in 1999, has been a cornerstone of the Providence area, attracting both local residents and visitors from neighboring states. The mall spans over 1.4 million square feet and features over 150 stores, including high-end retailers, department stores, and a variety of dining options. Its ownership has changed hands a few times over the years, reflecting the evolving landscape of commercial real estate.
The mall’s original owner was the Westfield Group, a global property company specializing in shopping centers. In 2004, Westfield Group sold Providence Place Mall to General Growth Properties (GGP), another major commercial real estate company. GGP’s acquisition of the mall marked a significant expansion of its portfolio in the Northeastern United States.
However, in 2018, GGP filed for bankruptcy, which led to a restructuring of its assets. As part of this process, Providence Place Mall was sold to a joint venture between the Simon Property Group and the Macerich Company. This new partnership, known as the Westfield Corporation, took over ownership of the mall, bringing with it a fresh perspective and investment in the property.
The Simon Property Group and the Macerich Company have a strong track record of managing successful shopping centers across the country. Their involvement in Providence Place Mall has led to several improvements and expansions, including the addition of new stores and the renovation of existing spaces. This has helped to maintain the mall’s status as a premier shopping destination in the region.
Understanding who owns Providence Place Mall is essential for those interested in its future. The mall’s current ownership by the Simon Property Group and the Macerich Company has brought about positive changes and investments, ensuring that the mall remains a vibrant and attractive destination for shoppers. As the retail landscape continues to evolve, the mall’s owners will undoubtedly play a crucial role in shaping its future and adapting to the changing needs of consumers.
