Journal photo/ Bob Thayer
The iconic Superman building in downtown Providence seems to glow in the last rays of the day during one weekday in late March.
PROVIDENCE, R.I. -- The owner of downtown Providence's fabled -- and vacant -- Superman building is seeking $70-75 million in state, federal and local assistance to renovate the historic skyscraper into upscale apartments.
High Rock Development on Wednesday released studies documenting its efforts to renovate Rhode Island's tallest building, a project that would cost between $140-145 million.
That includes $70 million from the owner, $39 million in support from the State of Rhode Island, $21 million in federal historic tax credits and a 17-year tax stabilization agreement with the City of Providence of $10-15 million.
The building, at 111 Westminister St., most recently housed Bank of America offices but now is vacant.
High Rock envisions creating 278 apartments, with rents ranging from $1,125 to $2,750 a month, and also converting 33,000 of the building's 350,000 square feet into shops, restaurants and offices on the lower floors.
The owner argues that residential use is the best way to revive the building, since adding more office space would contribute to a glut in downtown Providence. High Rock says that 1,095 jobs would be generated during the 30-month development period, worth $44 million, with another 230 jobs worth $8 million a year in permanent, post-construction jobs.
The study also says the project would generate $4.6 million in tax revenues during construction, plus another $680,000 in annual state sales tax and income taxes from the new residents and businesses.
Read the studies:
Market Study_111 Westminster Street.pdf