"Developer Evan Granoff bought the property in 2005, with the hopes that he could restore the beautiful building to its former glory. And he did exactly that! He converted the upper levels into 48 tiny apartment homes, while the lower promenade is reserved for boutique shops. No major chain stores are allowed here! The smallest units only cost $550 per month, which is a steal for downtown Providence, Rhode Island."
The developer had to think creatively to get around local size restriction rules for apartments, but he seems to have done it. This is a unique (for now) idea that seems to be working well.