BlogGeneralNewsPressSotheby's International Realty March 30, 2022

Mott & Chace Sotheby’s International Realty Announces Near Sell Out of The Arcade Micro-Lofts

Mott & Chace Sotheby’s International Realty is proud to announce the successful partnership with the iconic Arcade Providence has resulted in a near sell out of the micro-lofts in just under a year. As the exclusive brokerage for the Arcade, the firm has sold 29 of the 39 units available for purchase.

This is the second large-scale condominium sell out for Mott & Chace Sotheby’s International Realty this year. After the accomplishments at The 903 Residences, the firm was the best choice for the partnership with Arcade Providence. Cheryl Andreozzi, Sales Associate, has been managing the deal.

According to the data available from Rhode Island Multiple Listing Service, the brokerage has done nearly $4.5M in total sales volume. With less than ten remaining units, Arcade Providence is projected to be sold out before the end of this summer.

The residential micro-lofts, offering residents the opportunity to own a small attractive living space in the most recognizable building in the center of downtown Providence, are efficiently designed to provide a unique opportunity to live in an urban environment close to Providence’s universities, restaurants, hospitals, and the financial district. The dwellings feature built-in seating, bed frame, and storage. Equipped with a dishwasher, apartment sized refrigerator, microwave and wall mounted television, each unit is move-in ready. The upper residential floors are accessible by elevator or stairs, and common spaces are private and secure. The Arcade Providence offers bike storage and a ramp located on the lower level. Public transportation, such as the AMTRAK train and RIPTA bus system, is just a short walk away.

Built in 1828, the Arcade Providence is the nation’s oldest indoor shopping mall and was declared a National Historic Landmark in 1976. The distinguished Greek Revival architecture, such as the interior atrium and exterior façade and six Ionic 45-foot-high columns, still stands barely touched. Watching over Westminster and Weybosset Streets, the first-floor retail community includes dining, unique shops, and salon services.

Cheryl Andreozzi states, “It has been an honor to play a role in this project. I am grateful to the management team at Granoff Associates LLC for giving Mott & Chace Sotheby’s International Realty this opportunity and putting their confidence in us to execute a business and marketing plan that has allowed for housing opportunities in a groundbreaking and adaptive reuse development.”

This information is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. These properties may have been sold by other real estate companies. Data maintained by the MLS may not reflect all real estate activity in the market. Data is based on information from Rhode Island Statewide Multiple Listing Service for the period of 05/01/2021 through 03/30/2022.