PROVIDENCE, R.I. (WPRI) — The Peoples Savings Bank building officially has a new owner.

Paolino Properties announced Wednesday that it recently purchased the Kennedy Plaza high-rise for $2.2 million.

Joseph Paolino tells 12 News his goal is to restore the building, which sits between Kennedy Plaza and Westminster Street, to its former glory.

“It is important to me that we create a lively an attractive neighborhood in downtown Providence for our residents, businesses and visitors,” Paolino said. “For far too long, I have watched the downtown area, particularly this building, deteriorate through neglect.”

Paolino said the building was previously owned by an out-of-state company, “which left it in dire need of repairs.”

“I have always believed in a vibrant downtown and will continue to do so,” he said.

The six-story high-rise was built back in 1947. The commercial space on the ground level has been vacant since CVS moved out a few years back, though the building still houses residential tenants on the upper floors.

Paolino Properties hasn’t decided what the building’s future holds just yet.

“Our only immediate plans for the building include maintaining its infrastructure and finding a tenant for the building’s ground floor retail space,” Paolino said.