$14 Million in Enhancements to Regency Plaza Unveiled by Mayor Taveras and Property Owners at Grand Opening Reception

For Immediate Release:
May 18, 2012

Jennifer Bramley


More Than 200 Attend Reception Showcasing Investment in Beautiful New Bentley Apartments and Amenities Including a Movie Theater, Internet Café and Plush Residents’ Lounge

Providence, RI: More than 200 members of the downtown Providence business community gathered at the Regency Plaza last night to join Mayor Angel Tavares and Regency Plaza co‐owners Richard Lappin and Edward Zuker as they unveiled $14 million in enhancements to this Providence Apartment property. Private investment provided for the beautiful design upgrades and significant infrastructure improvements to the property over a five‐year period.

Mayor Angel Taveras cut the ribbon alongside Lappin and Zuker. “The Regency Plaza is a landmark residency in downtown Providence that has contributed to our city’s economic vitality for 25 years,” Taveras said. “New investments in Providence are critical to the economic future of our capital city and all of Rhode Island. I congratulate Richard Lappin and Ed Zuker on the Regency’s impressive and welcoming new design upgrades and commend them for their continued commitment to Providence,” said
Mayor Angel Taveras. City Council President Michael Solomon, members of the Providence City Council, members of the Rhode Island House of Representatives and Senate, and representatives of Rhode Island’s Congressional delegation also attended the event.

Richard Lappin, Regency Plaza, LLC co‐owner and president of LISCO Development said, ”Since purchasing the property, we have continuously invested in it. During the past five years, we have invested more than $14 million dollars ‐ not only in the magnificent
common area improvements that you see here ‐ but also in the infrastructure – including new heating, ventilation and air conditioning systems, new fire sprinkler and fire alarm systems throughout the buildings, landscaping and site lighting, remodeling of apartments and much more. Also, before the end of the summer, new roof and ground level signs will be installed which will clearly identify the Regency.

“The Regency provides our residents with beautiful apartment homes and the opportunity to live simply and to live well,” he said.

Co‐owner and CEO of Chestnut Hill Realty Ed Zuker said, “Both Richard Lappin and I are committed to not only providing our residents beautiful apartment homes in which to live, but also to surrounding them with amenities to enjoy and a community to experience. Regency Plaza residents have the best of both worlds: a beautiful home in the midst of a thriving downtown. Chestnut Hill Realty takes great pride in our properties and with this elegant interior design, the many new amenities and its prime location, the Regency is truly a property we continue to boast about.”

Economic Impact
The owners of the Regency Plaza are committed to Providence and the State of Rhode Island and made it a priority to engage local contractors and professionals in this $14 million project. Thirty‐one Rhode Island‐based businesses worked on this project resulting in 14.6 full‐time, year‐round job equivalents. An additional 11 additional New England based firms assisted in the effort.

The economic impact of the Regency Plaza is much broader than this project alone. The Regency provides nearly 30 full‐time staff positions on the site and hires outside vendors for landscaping and other needs at a cost of more than $250,000 annually. In addition, the more than 600 residents who reside on the property are contributing to the downtown economy each day by dining in local restaurants, frequenting shops and participating in entertainment and arts and cultural events.

New Amenities and Beautiful, Transitional Design
Residents and business tenants in this mixed‐use property will enjoy a plush, newly designed residents’ lounge, fitness center, movie theater, catering kitchen, state‐of‐the‐art conference rooms and an Internet cafe. Owners also unveiled the newest style apartment home, the Bentley, which features hardwood floors, marble bathrooms, and kitchens with stainless steel appliances, custom cabinets and granite countertops.

Bob Amendolara of Robert Amendolara Associates, Inc. designed the new Regency spaces. “The owners and the residents have shaped the design of the Regency in many ways. Areas have been created to answer the expectations of a 21st century facility. An Internet cafe, state of the art movie theater, a lounge with fireplace and large screen TV, all offer amenities created to meet and exceed these expectations. The interiors follow the owners mandate: subtle, elegant, timeless, furnishings and finishes that instill a sense of comfort for the residents, and pride of ownership for us all," Amendolara said.

Following a short speaking program and the official ribbon cutting ceremony, guests enjoyed an evening reception on the poolside patio and engaged in tours of the property and its new amenities.

About the Regency Plaza:
Regency Plaza is a mixeduse property featuring both residences and commercial space Located in Providence’s downtown, it offers residents the opportunity to live a maintenancefree lifestyle in a community offering 24hour concierge service, a fitness center, in ground pool and a residents’ lounge. The property offers more 444 apartment homes ranging from studios to threebedrooms and also offers corporate apartments for companies wishing to provide housing to executives on a monthly basis. The Regency Plaza is managed by Chestnut Hill Realty which is owned by Mr. Zuker. Edward Zuker and Richard Lappin have owned the Regency Plaza for more than 25 years.