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.
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.
