UPDATED: Superman Developer Submitting Plan to State, $215M Project, 285 Units
GoLocalProv News Team
UPDATED: Superman Developer Submitting Plan to State, $215M Project, 285 Units
The proposal may be the last chance to save the building. Governor Dan McKee has stated he would be open to demolishing the state’s tallest building, if it is not reused. The iconic building has been vacant for eight years.
The project will not be inexpensive. GoLocal has learned from multiple sources that the total cost will be $215 million or more.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe construction is expected to take upwards of 30 months according to two sources with direct knowledge of the project.
In addition to the residential component, the grand lobby will be transformed into a public space for events.
State and Federal Contribution
According to sources, High Rock, which is led by David Sweetser, will be seeking state subsidies of $45 million and federal historic tax credits of an additional $22 million. In addition, the developer will be seeking a Tax Stabilization Agreement from Providence.
A statement from the company confirms the broader aspects of the deal.
“High Rock Westminster, LLC has been in discussions with the RI Commerce Corporation regarding the historic restoration and residential repurposing of the Superman Building that will benefit Rhode Island’s economy, create jobs, and provide much-needed housing in Providence – including affordable housing,” said High Rock.
“The project would literally add a neighborhood of approximately 450 residents downtown - adding vibrancy to the city’s core, preserving the acclaimed historic character of the capital city, as well as being transformational for Kennedy Plaza. The project would also include a designated public meeting space within the building’s grand banking hall. These discussions continue to evolve and we look forward to sharing our plans in greater detail in the near future,” added the company
For years RI Commerce Corporation Officials had worked to find a commercial reuse of the building, having had discussions with Citizens Bank, PayPal and Samsonite.
All of those deals fell through.
The building has been dubbed both locally and nationally as one of the most endangered structures in the country. In 2019, the National Trust for Historic Preservation named the Superman Building one of the most endangered buildings in America.
“The State House and the Industrial National Bank Tower are Providence‘s most imposing and historically significant buildings. They are our Pantheon and our Colosseum. Like their counterparts in Rome, they must be preserved as part of our heritage," said Friedrich St. Florian in March. He is one of Rhode Island’s most revered architect.
“We must have the collective will to re-invent the Industrial National Bank Tower in order to secure its future as a standard-bearer of excellence in architecture,” said Florian who is the architect of the World War Two Memorial in Washington, D.C.
Equally, GoLocal’s architecture critic William Morgan said, “A city that cannot save its most important mercantile tower needs to ask itself what it really cares about. The Industrial Trust is not only one of the great American skyscrapers, but it is one of the enduring symbols of Providence.”
“Can it be saved? Of course, it can. But it takes a political will that the creative capital seems unable to muster. If we build garbage like the sure-to-fail, urban assault Fane Fiasco, but cannot find a solution for the Superman building we are real losers,” adds Morgan
Brent Runyon, the head of Providence Preservation Society said the building can and must be saved. “Absolutely, the building is salvageable,” said Runyon.
“What is important, as the City begins to plan a major project in Greater Kennedy Plaza, is that they work as diligently to ensure the Superman Building is repurposed,” added Runyon.
UPDATED 8/25/2021 6:15 AM