PROVIDENCE – David C. Sweetser, the managing partner of High Rock Development, which owns the “Superman” building at 111 Westminster St., has died at the age of 70.
High Rock spokesperson Bill Fischer confirmed Tuesday Sweetser died on July 19, calling him “a devoted family man, beloved friend to many, and a titan in the real estate development industry.”
The cause of death was not disclosed.
“He will be missed by all that knew him. He had a booming voice and a charitable heart,” said Fischer.
High Rock bought the 428-feet-tall skyscraper, also known as the Industrial National Bank Building, for $33 million in 2008. The building has been vacant since 2013 when Bank of America left.
High Rock’s development plan called for 300 residential apartments, with 20% deed restricted, 8,000 square feet of commercial office space and 26,000 square feet of retail and event space.
But the project has had repeated delayed as the cost has risen from $220 million to $308 million.
To help plug the hole the General Assembly last month approved legislation amending a Rebuild RI program to allow sales tax exemptions of up to 30% of construction costs.
Fischer did not immediately return calls seeking comment on the future of the Superman building project.
Fischer said that Sweetser, a longtime Massachusetts real-estate investor, “was particularly bullish on Providence."
“Truly believing that the redevelopment of the Superman Building would be a beacon of achievement for all.“
(UPDATE: Adds High Rock's plans for Superman building in 6th, 7th and 8th paragraphs.)
Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.