It doesn't seem to have mattered; it's even fueled a boomlet of condos that are connecting downtown to the train station.
Exactly. It's close enough to the rest of downtown to still be pretty oriented to the city's core. With the exception of the Waterplace buildings, the bulk of the newer condos are unfortunately mostly "blah." The station has been the major catalyst of growth west of downtown. East of downtown (where 195 is/was) hasn't had the same type of boom (kentxie noticed this in another thread)... in larger part due to 195 bisecting it; but the absence of a transit hub right there hasn't helped either.
Providence Place is a good mall, but I've heard some rumors that it could be in trouble. I read that Nordstrom was lured there with steep discounts on a ten year lease. The lease is nearly up and it'll be interesting to see whether or not they stay. Their presence is really what keeps Providence Place an "upscale" mall. Even if they do go, Providence Place's significant role in Downtown's revitalization and continued success cannot be denied. The mall alone brought tons of traffic to the area (both vehicular and foot) that wasn't there before. It brought people to local businesses and kept people there on weekends and after 5 on the weekdays. It brought a good number of "destination" restaurants (yes, chains) to a street that wasn't particularly urban before. It brought a major movie theater downtown (as well as a separate Imax theater), nightlife entertainment (Dave and Busters) and major shopping. Obviously bringing people in from outside the city was huge, but providing lots more options for people who already live there was a major plus and a big player in making downtown Providence a good place to work AND live.
Brown's presence is obviously huge in Providence. Nearly as big as Yale in New Haven. However, other schools play a huge role in the transformation as well. RISD has done a lot in the way of giving some unique local character to the city. Not only is the creative presence felt in the vicinity of the school (take a walk down Thayer and you'll know what I mean), but it's quite obvious in the sculpture, murals, and decor in many of the local shops downtown on Westminster, Weybosset, Washington, etc. They've done a great job in counterbalancing the chain feel of Providence Place and adding some local, creative character. Johnson and Wales role in the hospitality and culinary arts has translated to some really cool boutique hotels and some excellent restaurants.
While it's easy to pinpoint some major pieces of the transformation, the whole deal can be attributed to a multitude of different things coming together at the right time.