R.I. Commerce Corp.’s board of directors on Aug. 24 approved up to $9.5 million in new state support for the redevelopment of Providence’s “Superman” building.
The funding would be used to help secure an estimated $160 million federal loan to help complete the redevelopment, according to the developer, High Rock Development. The project would convert the 26-story building at 111 Westminster St., the state’s tallest, into about 308 apartments, with office, retail and community space. The building has been vacant since 2013.
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Project costs have risen to about $327 million from roughly $223 million in 2022.
The state’s latest investment can only be used when the project is completed and receives a certificate of occupancy.
