Went downtown today and saw it. A sign in the window saying "The Arcade is officially closed." How did they screw that up? I remember when I was a kid--hell, even in my last year of college--it was a thriving little indoor neighborhood. And that was before Providence as a whole got its vaunted development boom.
In truth, I think selling it to Johnson and Wales University was a bad move. The school never got that even though the building was now their private property, the public were a necessary part of its success. And the city didn't/doesn't seem to recognize its value at all.