New look for The Arcade in Providence

PROVIDENCE, R.I. (WPRI) - A historic, but empty, downtown Providence landmark is getting a new look and a new purpose.

The Arcade is the country's first indoor shopping mall. On Wednesday, developers announced that it's being transformed into a mix of retail shops, restaurants and lofts.

Eyewitness News has learned the ground level of the 180-year old building will hold three restaurants and a dozen new shops. The top two floors will become home to 48 micro-lofts, mostly studio spaces with an average of 250 square feet.

Construction will cost about $7 million and connect Weybosset and Westminster Streets. City leaders approved an ordinance to stabilize the arcades' property taxes for twelve years to help push the project along.

Neighboring businesses are hoping this project sparks a rebirth of the city's financial district.

Construction is expected to begin shortly and be completed in August. Developers hope to open sometime this fall.

The Arcade was built in 1828 and is a National Historic Landmark. The building closed in 2008 because of the poor economy.