PROVIDENCE, R.I. (WPRI) — A city committee unanimously approved a proposed settlement that Mayor Brett Smiley hopes brings the city step closer to finding a new owner for 1 Finance Way, the events venue known as Skyline at Waterplace.

The Providence City Council’s Committee on Claims and Pending Suits heard a proposed settlement put forth by Smiley’s office on Monday night. The committee voted unanimously to approve the settlement.

Ward 1 Councilman John Goncalves, who chairs the committee, told Target 12 the hope is that the settlement will help the city move forward.

“The Providence Parks Department will take over management of the property and we are looking forward to what the future of the space will hold for our city’s downtown,” Goncalves said in a statement.

The committee did not disclose the amount of the settlement.

Target 12 reached out to Skyline’s lawyer, Michael Lepizzera, who said in a statement while Skyline was disappointed, the owner was satisfied a settlement could be reached.

“The original plan was to operate a top scale event facility on the city’s skyline for a minimum of 20 years which was the term of the lease,” Lepizzera said. “A confluence of unforeseeable and uncontrollable events (especially the pandemic) prevented my client from achieving its business goal.”

Lepizzera said Skyline will work with the city to formally memorialize the settlement and voluntarily turn over possession of the premises.

Smiley said in a statement on Monday night that the draft settlement was “the best possible outcome” for both the city and the property owner. He added that rent collected through the dispute has been “responsibly kept in escrow and therefore this settlement will have no fiscal impact on our operations.

“We will now shift our focus to the future of this space which can be a great asset to the city,” Smiley said.

Skyline and the capital city had been embroiled in a legal battle since April 2023 when the venue’s owners were accused of violating their lease agreement by not keeping the property in good condition.

The city warned that if the venue didn’t address the supposed violations, it would demand Skyline pay back nearly four years worth of rent, which was abated throughout the pandemic due to financial hardships.

The city had been trying to evict Skyline for almost a year.

The capital city was given the greenlight to evict Skyline last November for missing several key deadlines throughout the legal proceedings. Skyline quickly appealed the decision, which allowed the venue to remain in the space for the time being.

In an attempt to keep its coveted spot at Waterplace Park, Skyline tried to transfer its lease to East Greenwich-based Ithaka, LLC earlier this year. The Providence Board of Parks Commissioners, chaired by Smiley, refused to allow the transfer, citing financial concerns.

Earlier this month, the decomposing body of a former employee was discovered inside the venue, which police said had been closed since July 27. The man was living there at the time of his death, according to police, though Skyline later claimed that the man was sick and resided with his family.

At an unrelated event on Monday morning, Smiley called the business a “blackhole” at Waterplace Park.

“My hope is that after the settlement is approved, we go through a fully transparent and public process to put the venue out for bid again where we get a new operator who can add vibrancy and vitality to the basin, to that part of downtown,” the mayor explained.

The eviction case was heading for a trial in October.

Court records show the city filed a motion on Aug. 13 for the court to execute the eviction. A court exhibit attached in the motion showed what appeared to be check showing the Disney princess, Mulan, in the amount of $9,130.58.

The check was later returned “due to insufficient funds,” according to court records.

Alexandra Leslie ( aleslie@wpri.com ) is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook .

Thanks for signing up!

Watch for us in your inbox.

Subscribe Now

Daily Roundup

For the latest news, weather, sports, and streaming video, head to WPRI.com.