Plan announced to save New England landmark known as ‘Superman Building’


After years of neglect, the most recognizable feature of the Providence skyline, the Superman Building, will be saved. Rhode Island’s governor announced on Tuesday that the building’s owner plans to turn the vacant landmark into an apartment building with offices and retail, with the help of state and city funding. .Officially known as the Industrial Trust Building, at approximately 430 feet (130 meters), it is the tallest building in Rhode Island. It was vacant for nearly a decade. Govt. Dan McKee said the $220 million redevelopment project will reinvigorate downtown Providence and bring the Superman Building back to life. Opened in 1928, it resembles the headquarters of the Daily Planet in the old TV show “Adventures of Superman”. McKee said $26 million will come from state housing and economic development programs and $15 million will come from the city through a loan and direct contribution. Massachusetts-based High Rock Development has pledged more than $42 million, and will take advantage of federal tax credits and seek a tax stabilization deal with the city, McKee added. High Rock Development purchased the building in 2008. In 2013 the sole tenant, Bank of America, moved out. The value of the building plummeted and it fell into disrepair. The developer sued the bank and the bank fought back, arguing that it had spent millions of dollars on maintenance before moving. The $54 million lawsuit was settled in 2017, just before a trial began in federal court. Terms of the settlement were not disclosed. By this time, the vacant 26-story building in the heart of downtown Providence had become a symbol of Rhode Island’s economic decline. The Art Deco-style skyscraper remained difficult to complete due to its age and renovation needs. It was included on the National Trust for Historic Preservation’s annual list of the nation’s most endangered historic places in 2019 due to its growing maintenance needs after years of vacancy. The new plans call for 285 residential apartments, 20% of which will be dedicated to affordable housing. housing, 8,000 square feet of commercial office space and a mix of retail, event and community space in the Grand Banking Hall.

After years of neglect, the most recognizable feature of the Providence skyline, the Superman Building, will be saved.

Rhode Island’s governor announced on Tuesday that the building’s owner plans to turn the vacant landmark into an apartment building with offices and stores, with the help of state and city funding. .

Officially known as the Industrial Trust Building, at approximately 430 feet (130 meters), it is the tallest building in Rhode Island. It has been vacant for nearly a decade.

Governor Dan McKee said the $220 million redevelopment project will revitalize downtown Providence and bring the Superman Building back to life. Opened in 1928, it resembles the headquarters of the Daily Planet in the old TV show “The Adventures of Superman”.

McKee said $26 million will come from the state’s economic development and housing programs and $15 million will come from the city through a loan and direct contribution. Massachusetts-based High Rock Development has pledged more than $42 million, and will take advantage of federal tax credits and seek a tax stabilization deal with the city, McKee added.

High Rock Development purchased the building in 2008. In 2013 the sole tenant, Bank of America, moved out. The value of the building plummeted and it fell into disrepair. The developer sued the bank and the bank fought back, arguing that it had spent millions of dollars on maintenance before moving.

The $54 million lawsuit was settled in 2017, just before a trial began in federal court. Terms of the settlement were not disclosed. By this time, the vacant 26-story building in the heart of downtown Providence had become a symbol of Rhode Island’s economic decline.

The Art Deco-style skyscraper remained difficult to complete due to its age and renovation needs. It was included on the National Trust for Historic Preservation’s annual list of the nation’s most endangered historic places in 2019 due to its growing maintenance needs after years of vacancy.

The new plans call for 285 residential apartments, 20% of which will be dedicated to affordable housing, 8,000 square feet of commercial office space, and a mix of retail, event and community space in the grand banking hall.

Previous Providence Officials Obtain Retirement Bond Bond Despite Warning From Government Finance Officials
Next Wednesday Chat: Maple Leafs #KniesWatch will end soon