After six months of negotiations, state leaders on April 12 unveiled a $220 million plan to turn Providence’s iconic “Superman” building into apartments, office, retail and event space.
The deal with building owner High Rock Development LLC would include $41 million in state and city financing and still needs some city approvals.
The building was built in 1928 and has been empty for nine years despite numerous efforts by the owner and public officials to strike a deal to renovate it.
R.I. Commerce Secretary Stefan Pryor told PBN strong housing demand and COVID-induced weakness in commercial office space made a residential conversion an attractive option for all parties in the negotiations.
State and city leaders also envision the revived property supporting a planned remake of Kennedy Plaza as a destination.
No one is going to pay $30,000 per year for an apartment in a building that is 20% low income housing and which overlooks the fiasco that is Kennedy Plaza. Brown will wind up owning it and converting it to student housing.
If the project goes over budget, who is responsible for extra costs?