Vo_Mimbre t1_jdmy256 wrote on March 25, 2023 at 4:27 PM

Reply to comment by kbd77 in Providence Place Mall in Flux — Another Store Closing, New Restaurant Coming, and More Changes by L0v3_1s_War

How much would the lack of real estate tax be offset by sales tax on store purchases?

I have no idea what revenue the place generates, but am curious if the City calculates things like that.

Also glad to see more experiences coming like Level 99. Fashion and shopping alone can’t keep Malls going like they used to in the 80s/90s.

kbd77 t1_jdmzjah wrote on March 25, 2023 at 4:38 PM

A valid question, and I have no idea what the answer is. But that sales tax goes to the state, not the city, right? So it’s not like we directly benefit from it (unless I’m totally off-base there).

Agree about the mall pivoting to offer more “experiences” – the new Night Shift thing should be cool. Would love to see more food hall-style things, arcades, or event spaces, as opposed to a litany of redundant retailers.

Impossible-Heart-540 t1_jdqnlt9 wrote on March 26, 2023 at 12:59 PM

Of course as part of the original deal: the developer got to keep 2/3rds of the sales tax collected for at least 15 years, not sure if that was allowed to sunset or not.

https://www.nytimes.com/1996/01/17/business/real-estate-providence-ri-getting-375-million-shopping-mall-after-nine-years.html

Vo_Mimbre t1_jdn4eo9 wrote on March 25, 2023 at 5:12 PM

Great point about state tax vs city. Hadn’t thought of that. Love the idea of the Mall returning to a place to just “be” and to shop.

TheJointDoc t1_jdpqdk1 wrote on March 26, 2023 at 5:36 AM

Whoa. Level 99 looks really cool.