HIGH ROCK DEVELOPMENT, owner of the Industrial Trust Tower also known as the 'Superman Building," said Monday it plans to renew efforts seeking public support for the renovation of the 1927 art deco building.
That proposal included $39 million in state assistance plus a property tax stabilization and federal historic tax credits, but was turned down by government officials.
On its latest offer, the release said High Rock is now willing to:
guarantee completion of the renovation.
provide “significant new debt/equity” for the project.
create an endowment to support maintenance and programs at Kennedy Plaza.
commit to “work with union trades.”
keep space in the building available for community use prior to renovation.
“This is a difficult project, but a very important building,” said High Rock Principal David Sweetser in the news release. “I’ve acknowledged my loss from the purchase of the building, but I am still interested in moving forward to repurpose this building because I believe in Providence and I believe in Rhode Island. We think our plan to create new housing will help both the city and the state grow the new economy and return the building to its former prominence in Providence.”