Projo 7 to 7 News Blog

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Southwest Airlines, the dominant carrier at T.F. Green Airport, was recently fined $10.2 million for failing to properly conduct safety inspections on its planes.

WARWICK - The maintenance concerns at Southwest Airlines have not caused any delays at T.F. Green Airport, spokeswoman Patti Goldstein says.

Yesterday, Southwest grounded 43 planes to examine if they were structurally sound enough to carry passengers, the Associated Press reported today. The inspections followed criticism from the Federal Aviation Administration that the airline had missed required inspections of some planes for cracks.

Southwest, the dominant carrier in Rhode Island, had cancelled 118 flights nationwide by midday yesterday, about 9 percent of its scheduled flights.

"It didn't impact us at all. We were pleased with that," Goldstein said. "It's an airline with a very good safety record. They addressed the problem."

For more local breaking business news, visit the Biz Blog at projo.com/business.

Journal archive photo / Bill Murphy
Car importer NORAD is the main user of the port at the Quonset Business Park.

NORTH KINGSTOWN -- Automobile importer North Atlantic Distribution plans to start exporting truck cabins from the pier at the Quonset Business Park, a major shift for the company that could boost employment.

Until now, NORAD has concentrated on importing cars, sending away empty, hulking vessels after they unload their cargo.

On Monday, the company plans to load 100 truck cabins, known as cabs, into a ship headed for Emden, Germany, according to Dyana Koelsch, spokeswoman for the Quonset Development Corporation, the agency that runs the state-owned park. The used cabs, which have already begun arriving in Rhode Island, originated in Baltimore, Maryland and were transported on trailers.

"It's definitely a milestone for Quonset," Koelsch said this morning. "It opens that whole activity channel, establishing it as an export port."

NORAD expects to export 300 cabs every month. (The cab is the enclosed space in a truck where the driver sits.) If it reaches that level, the company would likely add employees and hire additional longshoremen at the pier.

NORAD has about 250 employees in North Kingstown. Thirty longshoremen work at the pier unloading more than 100,000 cars from about 120 ships that supply NORAD. The company is the only major user of the port.

For more local breaking business news, visit the Biz Blog.

>> Continue reading: NORAD to begin exporting truck cabins at Quonset

Journal archive photo / Bill Murphy
Car importer NORAD is the main user of the port at the Quonset Business Park.

NORTH KINGSTOWN -- Automobile importer North Atlantic Distribution plans to start exporting truck cabins from the pier at the Quonset Business Park, a major shift for the company that could boost employment.

Until now, NORAD has concentrated on importing cars, sending away empty, hulking vessels after they unload their cargo.

On Monday, the company plans to load 100 truck cabins, known as cabs, into a ship headed for Emden, Germany, according to Dyana Koelsch, spokeswoman for the Quonset Development Corporation, the agency that runs the state-owned park. The used cabs, which have already begun arriving in Rhode Island, originated in Baltimore, Maryland and were transported on trailers.

"It's definitely a milestone for Quonset," Koelsch said this morning. "It opens that whole activity channel, establishing it as an export port."

NORAD expects to export 300 cabs every month. (The cab is the enclosed space in a truck where the driver sits.) If it reaches that level, the company would likely add employees and hire additional longshoremen at the pier.

NORAD has about 250 employees in North Kingstown. Thirty longshoremen work at the pier unloading more than 100,000 cars from about 120 ships that supply NORAD. The company is the only major user of the port.

For more local breaking business news, visit the Biz Blog.

>> Continue reading: NORAD to begin exporting truck cabins at Quonset

James P. McCarvill, the executive director of the Rhode Island Convention Center Authority, says there is probably little demand for the building's naming rights.

State Rep. Deborah A. Fellela, D-Johnston, has introduced legislation that would require the authority to solicit bids for the naming rights. The bill, backed by House Finance Committee chairman Steven M. Costantino, would use the revenue to help plug the state's budget gap.

"Every little bit will certainly help the state," House spokesman Larry Berman said last month.

A little bit is all the state should expect, McCarvill told The Providence Journal today.

Sports arenas bring in big bucks for naming rights because the company's name is mentioned on radio and TV and in newspapers whenever a big sporting event or concert is held at the arena, he said. Typical convention center events, such as the New England Saltwater Fishing Show scheduled for April, generate less publicity.

"It's not an easy sell," McCarvill said. "Convention centers are not usually prime prospects for these type of agreements."

Of the money the state brings in for naming rights, McCarvill said, a portion would be spent on changing all signs and stationary for the facility and on giving special access to events to the sponsor.

Dunkin' Donuts has been paying $425,000 a year since 2001 as part of a 10-year agreement for the naming rights to the arena formerly known as the Providence Civic Center. The company, based in Canton, Mass., also provides $100,000 annually in event sponsorship assistance, such as advertisements.

For more local breaking business news, visit the Biz Blog.

James P. McCarvill, the executive director of the Rhode Island Convention Center Authority, says there is probably little demand for the building's naming rights.

State Rep. Deborah A. Fellela, D-Johnston, has introduced legislation that would require the authority to solicit bids for the naming rights. The bill, backed by House Finance Committee chairman Steven M. Costantino, would use the revenue to help plug the state's budget gap.

"Every little bit will certainly help the state," House spokesman Larry Berman said last month.

A little bit is all the state should expect, McCarvill told The Providence Journal today.

Sports arenas bring in big bucks for naming rights because the company's name is mentioned on radio and TV and in newspapers whenever a big sporting event or concert is held at the arena, he said. Typical convention center events, such as the New England Saltwater Fishing Show scheduled for April, generate less publicity.

"It's not an easy sell," McCarvill said. "Convention centers are not usually prime prospects for these type of agreements."

Of the money the state brings in for naming rights, McCarvill said, a portion would be spent on changing all signs and stationary for the facility and on giving special access to events to the sponsor.

Dunkin' Donuts has been paying $425,000 a year since 2001 as part of a 10-year agreement for the naming rights to the arena formerly known as the Providence Civic Center. The company, based in Canton, Mass., also provides $100,000 annually in event sponsorship assistance, such as advertisements.

For more local breaking business news, visit the Biz Blog.

Journal archive photo / Kathy Borchers
Governor Carcieri and Paul J. Choquette Jr., CEO of Gilbane Inc., at an Economic Policy Council meeting in 2006.

PROVIDENCE -- Governor Carcieri is combining the state's two economic development agencies, the state Economic Development Corporation and the
Economic Policy Council.

In a statement today, Carcieri said the EDC will now oversee the council, an influential advisory group made up of leading business and political figures. The council will retain a separate advisory board.

The switch, Carcieri said, "will ensure closer alignment around a single economic development strategy, sharpen the state’s focus on priority programs and will save the state money."

“EPC is an important body of the state’s business, university and government leaders and plays a key role in shaping and actively communicating a clear economic development vision for Rhode Island,” Carcieri said. “I will ask the council to lead the private sector effort to improve our business and tax climate and to accelerate our positioning as a high-wage knowledge economy.”

For more local breaking business news, visit the Biz Blog at projo.com/business.

Journal archive photo / Kathy Borchers
Governor Carcieri and Paul J. Choquette Jr., CEO of Gilbane Inc., at an Economic Policy Council meeting in 2006.

PROVIDENCE -- Governor Carcieri is combining the state's two economic development agencies, the state Economic Development Corporation and the
Economic Policy Council.

In a statement today, Carcieri said the EDC will now oversee the council, an influential advisory group made up of leading business and political figures. The council will retain a separate advisory board.

The switch, Carcieri said, "will ensure closer alignment around a single economic development strategy, sharpen the state’s focus on priority programs and will save the state money."

“EPC is an important body of the state’s business, university and government leaders and plays a key role in shaping and actively communicating a clear economic development vision for Rhode Island,” Carcieri said. “I will ask the council to lead the private sector effort to improve our business and tax climate and to accelerate our positioning as a high-wage knowledge economy.”

For more local breaking business news, visit the Biz Blog at projo.com/business.

Verizon Communications will donate an original Norman Rockwell painting, "The Lineman," to the Norman Rockwell Museum in Stockbridge, Mass.

The oil-on-canvas painting was created by Rockwell in 1948 for an advertisement for New England Telephone, a predecessor company of Verizon. Rockwell used a telephone employee at work in Cheshire, Mass. as the model, Verizon said.

The work was recently appraised at more than $2 million, Verizon said.

The phone company and the museum are holding a ceremony to mark the donation on Wednesday at the museum.

For more local breaking business news, visit the Biz Blog at projo.com/business.

Verizon Communications will donate an original Norman Rockwell painting, "The Lineman," to the Norman Rockwell Museum in Stockbridge, Mass.

The oil-on-canvas painting was created by Rockwell in 1948 for an advertisement for New England Telephone, a predecessor company of Verizon. Rockwell used a telephone employee at work in Cheshire, Mass. as the model, Verizon said.

The work was recently appraised at more than $2 million, Verizon said.

The phone company and the museum are holding a ceremony to mark the donation on Wednesday at the museum.

For more local breaking business news, visit the Biz Blog at projo.com/business.

PROVIDENCE - A popular Italian restaurant that came to prominence during the resurgence of downtown Providence in the 1990s has closed.

Raphael Bar Risto, located in the Union Station complex owned by the Rhode Island Foundation, filed a petition for receivership late last month in Superior Court, Providence.

The court appointed attorney Allan M. Shine as the receiver last Friday, and the restaurant closed its doors on Monday, Shine said.

The owner, Ralph C. Conte Jr., “indicated that business has fallen off, expenses have risen and he wasn’t able to pay rent and other expenses,” Shine said.

Conte could not be reached for comment today.

Tomorrow, a South County eatery once known for its inexpensive pasta, burgers and grinders, will be open for its last day. The current owner of Giro's also cited rising costs as among the reasons for the move.

>> Continue reading: Popular Providence bistro, Raphael Bar Risto, closes

PROVIDENCE - A popular Italian restaurant that came to prominence during the resurgence of downtown Providence in the 1990s has closed.

Raphael Bar Risto, located in the Union Station complex owned by the Rhode Island Foundation, filed a petition for receivership late last month in Superior Court, Providence.

The court appointed attorney Allan M. Shine as the receiver last Friday, and the restaurant closed its doors on Monday, Shine said.

The owner, Ralph C. Conte Jr., “indicated that business has fallen off, expenses have risen and he wasn’t able to pay rent and other expenses,” Shine said.

Conte could not be reached for comment today.

Tomorrow, a South County eatery once known for its inexpensive pasta, burgers and grinders, will be open for its last day. The current owner of Giro's also cited rising costs as among the reasons for the move.

>> Continue reading: Popular Providence bistro, Raphael Bar Risto, closes

Senate President Joseph A. Montalbano will unveil renewable energy legislation tomorrow at a news conference at 3 p.m., his spokesman announced today.

Senate leaders plan to gather in the State House in room 313 to discuss the bills.

Part of the legislation would "consolidate and coordinate state policies, priorities and investments designed to promote renewable energy," according to a statement released today by Montalbano's spokesman, Greg Pare.

Related bills would encourage private investment in the state’s renewable energy sector; address municipal renewable energy projects; define a method of selling small amounts of renewable energy; and promote small scale projects.

Montalbano, Senate Majority Leader M. Teresa Paiva Weed, Senate Minority Leader Dennis L. Algiere and Sen. William A. Walaska plan to attend the announcement. They will be joined by Matt Auten, an advocate for Environment Rhode Island; Daniel C. Beardsley Jr., executive director of the Rhode Island League of Cities and Towns; and Michael F. Ryan, National Grid’s president of Rhode Island distribution.

Montalbano first announced the bills last month at the Greater Providence Chamber of Commerce annual luncheon, The Providence Journal reported.

Governor Carcieri has been promoting the development of wind farms off the Rhode Island coast. And there has also been talk of using waves to generate energy.

Today, however, The Providence Journal reported that the agency that regulates Rhode Island’s coastline, the Coastal Resources Management Council, has proposed a one-year moratorium on wind farms and wave generators so it can develop a special management plan that will determine where such projects will be allowed.

For more local breaking business news, visit the Biz Blog at projo.com/business.

--- Journal staff writer Benjamin N. Gedan

Senate President Joseph A. Montalbano will unveil renewable energy legislation tomorrow at a news conference at 3 p.m., his spokesman announced today.

Senate leaders plan to gather in the State House in room 313 to discuss the bills.

Part of the legislation would "consolidate and coordinate state policies, priorities and investments designed to promote renewable energy," according to a statement released today by Montalbano's spokesman, Greg Pare.

Related bills would encourage private investment in the state’s renewable energy sector; address municipal renewable energy projects; define a method of selling small amounts of renewable energy; and promote small scale projects.

Montalbano, Senate Majority Leader M. Teresa Paiva Weed, Senate Minority Leader Dennis L. Algiere and Sen. William A. Walaska plan to attend the announcement. They will be joined by Matt Auten, an advocate for Environment Rhode Island; Daniel C. Beardsley Jr., executive director of the Rhode Island League of Cities and Towns; and Michael F. Ryan, National Grid’s president of Rhode Island distribution.

Montalbano first announced the bills last month at the Greater Providence Chamber of Commerce annual luncheon, The Providence Journal reported.

Governor Carcieri has been promoting the development of wind farms off the Rhode Island coast. And there has also been talk of using waves to generate energy.

Today, however, The Providence Journal reported that the agency that regulates Rhode Island’s coastline, the Coastal Resources Management Council, has proposed a one-year moratorium on wind farms and wave generators so it can develop a special management plan that will determine where such projects will be allowed.

For more local breaking business news, visit the Biz Blog at projo.com/business.

--- Journal staff writer Benjamin N. Gedan

Citizens Financial Group has appointed Ellen Alemany as its chief executive officer, a position held by Lawrence K. Fish from 1992 until last March.

Alemany already held the title of CEO of RBS America, a new organizational unit at the Royal Bank of Scotland that oversees all of the bank's U.S.-based divisions.

Alemany replaces Stephen D. Steinour, a longtime Fish deputy who served as Citizens' president and CEO for less than a year. In a statement, Citizens said Steinour had made a "personal decision" to "spend more time with his family."

Alemany has named James G. Connolly as Citizens' new president. Connolly had served as vice chairman of commercial markets.

The changes come after a second consecutive year of relatively flat earnings for Citizens.

Last year, operating profit at Citizens dropped 9 percent, to $2.65 billion, The Providence Journal reported. Net income was down 16 percent after the conversion to British pounds.

In announcing its 2007 earnings, RBS said the slowing U.S. economy was hurting the growth of Providence-based Citizens. "Against a weaker economic backdrop in the U.S., Citizens, whilst performing well relative to its peers, experienced testing conditions," RBS said in its earnings report.

In December, Fish told employees that he had given up his remaining operational responsibilities for the Royal Bank, The Providence Journal reported.

For more local breaking business news, visit the Biz Blog at projo.com/business.

Citizens Financial Group has appointed Ellen Alemany as its chief executive officer, a position held by Lawrence K. Fish from 1992 until last March.

Alemany already held the title of CEO of RBS America, a new organizational unit at the Royal Bank of Scotland that oversees all of the bank's U.S.-based divisions.

Alemany replaces Stephen D. Steinour, a longtime Fish deputy who served as Citizens' president and CEO for less than a year. In a statement, Citizens said Steinour had made a "personal decision" to "spend more time with his family."

Alemany has named James G. Connolly as Citizens' new president. Connolly had served as vice chairman of commercial markets.

The changes come after a second consecutive year of relatively flat earnings for Citizens.

Last year, operating profit at Citizens dropped 9 percent, to $2.65 billion, The Providence Journal reported. Net income was down 16 percent after the conversion to British pounds.

In announcing its 2007 earnings, RBS said the slowing U.S. economy was hurting the growth of Providence-based Citizens. "Against a weaker economic backdrop in the U.S., Citizens, whilst performing well relative to its peers, experienced testing conditions," RBS said in its earnings report.

In December, Fish told employees that he had given up his remaining operational responsibilities for the Royal Bank, The Providence Journal reported.

For more local breaking business news, visit the Biz Blog at projo.com/business.

Turmoil in the real estate and credit markets is straining Citizens Financial Group, the bank's parent company, Royal Bank of Scotland, said today.

In all, operating profit at Citizens dropped 9 percent last year, to $2.65 billion. The continuing devaluation of the U.S. dollar made that drop even more painful for RBS; net income was down 16 percent after the conversion to British pounds.

In announcing its 2007 earnings, RBS said the sputtering U.S. economy slowed the growth of Providence-based Citizens last year. "Against a weaker economic backdrop in the U.S., Citizens, whilst performing well relative to its peers, experienced testing conditions," RBS said in its earnings report.

"Market conditions remain difficult," RBS said, "and we continue to respond to challenging income prospects with tight cost control."

U.S. operations were not all bad news for Scotland-based RBS. Citizens, the ninth-largest bank in the United States, grew its consumer banking customer base by 2 percent, RBS said. Boosted by higher fees, Citizens saw its revenue grow by 2 percent to $6.24 billion.

Average loans increased by 4 percent in 2007, despite "close attention being paid to our risk appetite," RBS said. Average customer deposits rose by 1 percent. And Citizens increased its credit card customer base by 20 percent.

But the crisis in the credit market undermined those gains. Impairment losses increased from 0.31 percent of loans to 0.60 percent. After the conversion to pounds, total revenue dropped by 6 percent.

Over all, RBS reported an 18-percent rise in net income in 2007.

For more local breaking business news, visit the Biz Blog at projo.com/business.

>> Continue reading: Citizens operating profit drops 9%; revenue up 2%

Turmoil in the real estate and credit markets is straining Citizens Financial Group, the bank's parent company, Royal Bank of Scotland, said today.

In all, operating profit at Citizens dropped 9 percent last year, to $2.65 billion. The continuing devaluation of the U.S. dollar made that drop even more painful for RBS; net income was down 16 percent after the conversion to British pounds.

In announcing its 2007 earnings, RBS said the sputtering U.S. economy slowed the growth of Providence-based Citizens last year. "Against a weaker economic backdrop in the U.S., Citizens, whilst performing well relative to its peers, experienced testing conditions," RBS said in its earnings report.

"Market conditions remain difficult," RBS said, "and we continue to respond to challenging income prospects with tight cost control."

U.S. operations were not all bad news for Scotland-based RBS. Citizens, the ninth-largest bank in the United States, grew its consumer banking customer base by 2 percent, RBS said. Boosted by higher fees, Citizens saw its revenue grow by 2 percent to $6.24 billion.

Average loans increased by 4 percent in 2007, despite "close attention being paid to our risk appetite," RBS said. Average customer deposits rose by 1 percent. And Citizens increased its credit card customer base by 20 percent.

But the crisis in the credit market undermined those gains. Impairment losses increased from 0.31 percent of loans to 0.60 percent. After the conversion to pounds, total revenue dropped by 6 percent.

Over all, RBS reported an 18-percent rise in net income in 2007.

For more local breaking business news, visit the Biz Blog at projo.com/business.

>> Continue reading: Citizens operating profit drops 9%; revenue up 2%

Journal archive photo / Connie Grosch
Fall River high school students take advantage of post-Christmas sales at the Providence Place mall in December.

PROVIDENCE -- Sales tax receipts at Providence Place mall jumped 28.4 percent in December, reaching a record of nearly $2.6 million, according to figures compiled by the state Division of Taxation.

The monthly tax figure bests the previous monthly record of $2 million, set in December 2006.

For the year, stores in Providence Place generated $13,981,625 in sales taxes for the state, also a new record.

The financial and legislative assistance that helped make Providence Place a reality put a unique requirement on the mall: It is the only shopping center in the state that must file sales tax returns.

Because of the way mall stores turn over their sales tax receipts to the state, there is a lag of more than four weeks before the totals can be made public, according to division officials. Consequently, December’s total weren't available until this month.

For more local breaking business news, visit the Biz Blog at projo.com/business.

Journal archive photo / Connie Grosch
Fall River high school students take advantage of post-Christmas sales at the Providence Place mall in December.

PROVIDENCE -- Sales tax receipts at Providence Place mall jumped 28.4 percent in December, reaching a record of nearly $2.6 million, according to figures compiled by the state Division of Taxation.

The monthly tax figure bests the previous monthly record of $2 million, set in December 2006.

For the year, stores in Providence Place generated $13,981,625 in sales taxes for the state, also a new record.

The financial and legislative assistance that helped make Providence Place a reality put a unique requirement on the mall: It is the only shopping center in the state that must file sales tax returns.

Because of the way mall stores turn over their sales tax receipts to the state, there is a lag of more than four weeks before the totals can be made public, according to division officials. Consequently, December’s total weren't available until this month.

For more local breaking business news, visit the Biz Blog at projo.com/business.

Journal file photo / Ruben W. Perez
The Veterans Memorial Auditorium may be taken over by the Rhode Island Convention Center Authority.

PROVIDENCE -- Businesses interested in managing the Veterans Memorial Auditorium toured the performance hall this morning, examining both the building's new seats and repaired ceiling and its three floors of vacant and neglected office space.

The nonprofit group that runs the VMA had been scheduled to take full ownership from the state in July. But concerns over its fundraising ability have caused state officials to reconsider that agreement, The Providence Journal has reported.

Now, the Rhode Island Convention Center Authority, which also runs the Dunkin' Donuts Center, is moving to take over the VMA as well.

The authority organized today's tour, inviting management companies to study the building before submitting proposals to help operate it.

The current operator, the Veterans Memorial Auditorium Foundation, estimates that the building may need millions of dollars in improvements.

For more local breaking business news, visit the Biz Blog at projo.com/business.

John Maeda, the new president of the Rhode Island School of Design, will deliver a speech at this year's Business EXPO, the Greater Providence Chamber of Commerce announced today.

The speech, advertised by the chamber as Maeda's "first appearance in Rhode Island," will take place at the Rhode Island Convention Center.

The Business EXPO will be held on May 6 to May 7. Maeda's speech, titled "The Future of Technology, Design, and Simplicity,” is scheduled for Tuesday, May 6.

The Providence Journal reported on Maeda's hiring in December, calling him "a prominent artist, designer and educator who is currently the associate director of research at the Media Lab at the Massachusetts Institute of Technology."

For more local breaking business news, visit the Biz Blog at projo.com/business.

Journal archive photo / Glenn Osmundson
Kevin Dillon, the new head of T.F. Green Airport, starts next Monday.

Passenger traffic at T.F. Green Airport dropped again last month as the airport recorded its lowest January total since 2004.

For the month, 345,465 travelers landed or boarded flights at Rhode Island's largest airport, a 2.1-percent drop from the same period last year. In January 2005, 380,622 passengers used Green Airport, 9.2 percent more than last month.

The Rhode Island Airport Corporation announced the January numbers one week before Kevin Dillon is set to arrive as the agency's new director.

Dillon, in a brief visit to Rhode Island last month, promised bold moves to reverse the airport's slump, The Providence Journal reported.

He has his work cut out for him. In December, Green Airport recorded 354,641 passengers, 5.6 percent fewer than the same period in 2006 and 17.1 percent fewer than in December 2004.

Last year, Green Airport moved 5.02 million passengers, down 3.5 percent from 2006. That decline followed a 9-percent drop the year before.

For more business-related news, please visit the Biz Blog at projo.com/business.

Journal archive photo / Kathy Borchers
Soap fragments go through a dryer inside Bradford's West Warwick plant in 2005.

WEST WARWICK -- Employees at Bradford Soap Works, who are represented by the International Brotherhood of Teamsters, Local 251, have accepted a new five-year contract, according to the company.

The current contract was due to expire in 15 months. Employees approved the new agreement yesterday.

The deal is a positive development for a company that has previously threatened to leave the state. In 2004, Bradford Soap announced plans to close its West Warwick plant and move 250 jobs to facilities in Indiana and Ohio, citing high labor costs. But Governor Carcieri and the state Economic Development Corporation intervened, brokering a new contract agreement between the company and its employees.

Bradford Chairman John Howland celebrated the contract vote. "A win for Bradford is a win for Bradford employees and a win for the state of Rhode Island," he said in a statement.

"The actions and decisions made in 2004, however necessary, ushered in a long period of
rebuilding for Bradford," Howland said. "We have had to rationalize our manufacturing operations nationally and internationally, and entirely rebuild our relationship with our staff and employees at all levels."

Bradford Soap, established in Rhode Island in 1876, calls itself the world's largest manufacturer of specialty soaps. It operates the Valley Queen Mill in West Warwick, an historic stone structure built in 1889 along the Pawtuxet River.

Journal Staff Photo / Mary Murphy
Developer Arthur W. Sullivan discusses plans to convert the Slater Cotton Mill in Pawtucket into residential rental units.

PAWTUCKET -- A New Hampshire developer said this morning his company will move forward with a $22-million project to build rental residences in a Pawtucket mill building, despite the slackening economy.

Arthur W. Sullivan, of Brady Sullivan Properties, said the project will succeed despite an economic downturn that has tightened credit markets and all but crushed the demand for condominiums.

"The market is slowing down a bit," Sullivan told The Providence Journal. "[But] we have the capital to make these things work."

Sullivan's plan to convert the Slater Cotton Mill in central Pawtucket to 124 rental units is his company's second project in Rhode Island. In October, the company paid $2.4 million for the Grant Mill building in Providence.

>> Continue reading: N.H. developer bucks economic trend with mill project

A 1951 photo of the Seabee chapel at Quonset, where Seabee veterans hopes to build a new museum.

PROVIDENCE -- The Seabee Museum and Memorial Park at the Quonset Business Park announced a $50,000 donation today that will help pay for a new museum celebrating the history of the Seabees.

The New Boston Fund, the Boston developers who are building the Quonset Gateway project at the state-owned park, are giving the money.

"We have come to know the Seabees," Jerry Pucillo, a senior vice president at New Boston, said today at a press conference at the State House, where he called the Seabees "our heroic engineers."

The new museum is being incorporated in the Quonset Gateway development.

In all, the Seabees hope to raise $250,000 for the new museum by the end of next year.

The Seabees were "naval construction battalions that speedily built docks, housing, and airstrips in combat zones during World War II," according to the Encyclopedia Britannica.

Known by their slogan, “We Build, We Fight,” the Seabees' primary mission has been to handle critical construction projects in war zones.

For more business-related news, visit the Biz Blog at projo.com/business.

Journal archive photo / Gretchen Ertl
A Paragon employee last summer prepares for the annual warehouse sale. The facility, in Westerly, is closing in March.

The Paragon, a Westerly mail-order firm that has operated since 1972, is closing its complex in the town and laying off its 119 employees there.

Cheryl Rinfret, a company spokeswoman, confirmed in an interview with The Providence Journal that the warehouse and call center will be shuttered on March 31. The work performed in Rhode Island will be handled in a building in West Virginia owned by The Paragon's parent company, the AB&C Group, Rinfret said.

"They have the same thing in West Virginia," Rinfret said. "It's duplicated right now."

The Paragon has not determined what, if any, severance package its employees may receive, Rinfret said.

The company sells a variety of gift products, such as jewelry, rugs and clocks.

For more business-related news, visit the Biz Blog at projo.com/business.

Journal file photo
The Bank of America tower, built in 1927, is the tallest building in the state.

PROVIDENCE -- The Inland Real Estate Corporation has sold the Art Deco-style Bank of America tower, known locally as "the Superman building," to High Rock Westminster Street LLC, a company affiliated with Compass Realty Associates in Burlington, Mass., according to the broker, NAI Hunneman Commercial.

The deal closed on Friday, Jonathan Aron, a vice president at NAI Hunneman, said. High Rock paid $33 million.

“It’s such a landmark building,” Aron said. “It’s such an identifiable building in Providence.”

The Superman reference, for those of a certain age, stems from the similarity to the Daily Planet building, workplace of Clark Kent, aka Superman, in the 1950s TV series about the comic-book hero.

Journal file photo / Kathy Borchers
The Riverpoint Lace Works mill, in West Warwick.

An investment group has purchased the Riverpoint Lace Works in West Warwick, preserving more than 50 manufacturing jobs.

In November, the business filed for state receivership, a form of bankruptcy, raising the possibility that its equipment could be sold for scrap to pay back creditors.

Instead, the Palmisciano-Ponte Investment Group bid $300,000 to buy the company and continue operating it, Peter Palmisciano Jr. said during a press conference tonight.

"We saw an opportunity," Palmisciano said. "We feel we can walk in and help businesses turn around."