CONTACT: Elizabeth Eckel, SVP Marketing, 401-348-1309
DATE: February 14, 2005
Washington Trust Provides $2.3 Million in Financing for Artist Group, LLC
Westerly, Rhode Island... The Washington Trust Company announced it has provided $2,300,000 for construction and permanent financing to Artist Group, LLC for renovations to the Harkness Building at 194 Washington Street, in the Downcity district of Providence, Rhode Island. The building is owned by Arnold B. Chace, Jr. and Malcolm and Elizabeth Chace.The building houses the administrative offices of Trinity Repertory Company as well as the Brown/ Trinity Consortium, Trinity's new graduate program in dramatic arts. The ground floor is leased to Michael and Gracylyn Shine, owners of Gracie's Restaurant. Cornish Associates, a real estate company founded in 1985, also has its offices in the building.
"Washington Trust is pleased to finance another major revitalization project in Providence," said John C. Warren, Chairman and CEO of The Washington Trust Company. "It's a pleasure to work with the Artist Group and Buff Chace on a project that is certain to have a positive impact on Downcity Providence."
Cornish Associates is one of the leaders in the rejuvenation of
the area known as Downcity, Providence. The firm worked with the
Coalition for Community Development (CCD) in Providence to formulate
a master plan for the redevelopment of Downcity and to take initial
steps toward the implementation of the plan. This plan was devoted
to the redevelopment and preservation of the Downcity area as an
arts and entertainment district with a heavy residential component.
The Washington Trust Company is the largest independent bank headquartered in Rhode Island. Washington Trust offers a full range of financial services, including trust and investment management, through its 16 branch offices located in Rhode Island and southeastern Connecticut. Founded in 1800, Washington Trust is a state-chartered bank and is a subsidiary of Washington Trust Bancorp, Inc., whose common stock trades on The NASDAQ Stock Market® under the symbol WASH. Web site address: www.washtrust.com.
