The Peerless bldg is in the heart of DownCity, which is basically the theater district in downtown Providence. Housed in a beautifully restored 19th Century department store, it features a 7 story atrium, roof garden, limited concierge service, and a variety of lofts in various configurations. All the lofts are fully stocked with decent quality new appliances, including dishwasher and W&D. The location provides easy access to RISD, Brown, J&WU, City Hall, and the State Capitol. Also within easy walking distance are four different theaters, a handful of good restaurants, and several galleries.
That said, some of the units have some drawbacks. Most of the units have separate sleeping areas, technically making them 'soft lofts'. But others are true lofts, with the sleeping area next to the window. In those cases, the sleeping area can be quite loud.
Across the street is Tazza, a cafe/bar that hosts live music at night. The music itself is not too loud, but the patrons often stand on the sidewalk in crowds. Further, there are a variety of clubs and bars in the neighborhood that draw a loud crowd - lots and lots of shouting on the street, cars with loud stereos, etc. And that goes on, almost every night, until 2 or 3 am. Then, at 9 am, construction on nearby buildings begins.
Also, the neighborhood does have an undesirable element. There are two massage parlor/brothels within a block of this building and the proximity of the clubs results in lots of drunks on the street from 10 pm until 3 am or so.
Of course, some would say that the sound of cars and people, as well as the presence of a lot of young people on the street late at night, is an essential part of urban living. Even so, I would recommend avoiding the true lofts and sticking to the ones with separate, quiet sleeping areas. In all, this location has all the pros of urban living (arts, nightlife, central location) and some of the cons (some loud units, lots of club/bar goers).
Oh, and you will have to buy a parking spot, which are about $250/mo. Steet parking is impossible.

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