The redevelopment of a shuttered historic church and vacant lots in Providence, Rhode Island, revitalized an underwhelming section of Federal Hill into a residential hub.
The change was so transformative that it drew the attention — and wallet — of Verco Properties, a Mamaroneck, New York-based company known for its multifamily holdings in New York, Connecticut and Pennsylvania. The Omni Group, the developer, sold the mixed-use development to Verco Properties for $11.67 million in January 2024.
In recognition, the deal earned a 2025 CoStar Impact Award for sale of the year in Providence, as judged by a panel of local industry professionals.
The redevelopment of the former Our Lady of Mount Carmel Church has brought a once underutilized space into a now thriving residential area that helps contribute to the city economy.
"People believe in the community and the neighborhood, and they want to own and invest in the community," Tim McGeary, vice president of investments at Northeast Private Client Group, said in an interview. McGreary represented both parties in the sale.
The church, built in 1925 at 18 Spruce St., closed in 2015 and had remained shuttered until the Omni Group purchased the property and two vacant lots, at 110 and 128 Dean St., from the Roman Catholic Diocese of Providence in 2019.
About the project: The Omni Group sold the development, now consolidated at one address, 18 Spruce St., to Verco Properties for $11.67 million. Bell Tower Place offers 49 housing units — a mix of studio, one- and two-bedroom apartments, according to CoStar data. Construction was completed in August 2021. As of February 15, asking rents ranged from $1,612 to $3,019 a month.
What the judges said: Impact Awards judge Leeds Mitchell of MG Commercial said, "The adaptive reuse of Bell Tower Place has transformed this area of Federal Hill." Fellow judge Gregory Arakelian of Lila Delman Compass noted that "The redevelopment of an old church and an underutilized property into much needed residences is a positive impact to both the local community in its community revitalization and the broader housing market, where it's providing supply of a product in high demand."
They made it happen: Tim McGeary, vice president of investments at Northeast Private Client Group, represented both parties in the sale. Other notable parties included William DiStefano of the Omni Group, property manager Sempre Avanti Realty Group, and Verco Management.