R.I. Secretary of Housing Stefan Pryor recently acknowledged the $220 million conversion of Providence’s “Superman” building at 111 Westminster St. may require additional funding to be completed.
Owner and developer High Rock Westminster LLC in October began a $25 million initial phase led by Consigni Construction Co. to redevelop the 428-foot-tall skyscraper that has sat vacant for more than a decade.
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The project calls for 300 residential apartments, 8,000 square feet of commercial office space and 26,000 square feet of retail and event space.
Both the city and state have approved financial support, including $26 million in state incentives and contributions, a $10 million loan from the city’s Housing Trust and a $5 million city grant. There is also bridge financing from the Rhode Island Foundation and millions in federal tax credits.
The Providence City Council also approved a 30-year tax stabilization agreement which is projected to save High Rock $29 million in property taxes.
High Rock has not asked for additional state or city funding.
Pryor has been exploring options for additional federal funding for the project.
