PROVIDENCE, R.I. — A Providence developer says he has reached agreement with the owners of The Providence Journal building on Fountain Street to buy it and two nearby parking lots.
The Journal reported Saturday that Arnold "Buff" Chace Jr., managing general partner of Cornish Associates, said he hopes to close the deal by the end of March when his purchase and sales agreement with former Journal owner A.H. Belo Corp. ends.
A.H. Belo retained the property when it sold the news organization to LMG Rhode Island Holdings Inc., a subsidiary of New Media Investment Group Inc., last July.
Chace said he is negotiating with the Journal's new owners to lease one or more floors in the building, where their lease with A.H. Belo ends in September. Neither A.H. Belo nor LMG representatives responded to requests for comment.
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Information from: The Providence Journal, http://www.providencejournal.com
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