History of Providence

population would drop by 38% over the next three decades. From the 1950s to the 1980s, Providence was a notorious bastion of organized crime. The mafia boss Raymond L.S. Patriarca ruled a vast criminal enterprise.

People gathering in Waterplace Park, opened in 1994, just before a WaterFire event. On the left can be seen the Waterplace condominiums, constructed 2008. The entire area had been covered in railroad tracks and the river covered with paved bridges over until the late 1980s.

The city's "Renaissance" began in the 1970s. From 1975 until 1982, $606 million of local and national Community Development funds were invested throughout the city, and the hitherto falling population began to stabilize. In the 1990s, Mayor Vincent Cianci, Jr showcased the city's strength in arts and pushed for further revitalization, ultimately resulting in the uncovering of the city's natural rivers (which had been covered by paved bridges), relocation of a large section of railroad underground, creation of Waterplace Park and river walks along the river's banks, and construction of the Fleet Skating Rink (now the Bank of America Skating Rink) downtown and the 1.4 million ft² Providence Place Mall.

New investment triggered within the city, with new construction including numerous condo projects, hotels, and a new office high-rise all filling in the freed space. Despite new investment, poverty remains an entrenched problem as it does in most post-industrial New England cities. Approximately 22 percent of the city population lives below the poverty line. Recent increases in real estate values further exacerbate problems for those at marginal income levels, as Providence had the highest rise in median housing price of any city in the United States from 2004 to 2005