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THE PROVIDENCE REDEVELOPMENT AGENCY voted unanimously on May 16 to authorize the agency to provide "Superman" building owner High Rock Development LLC with a $10 million loan as part of the proposed $223.1 million renovation of the building at 111 Westminster St. into 285 apartments. / PBN FILE PHOTO/
PAMELA BHATIA

Providence Redevelopment Agency approves $10M loan for ‘Superman’ building

PROVIDENCE – Another $10 million in financing was secured as part of the proposed redevelopment of the former Industrial Trust Co. headquarters, the 26-story...
COURTESY FLICKR

Most-read stories on PBN.com, April 2022

1. $220M renovation plan unveiled for ‘Superman’ building POSTED ONLINE: APRIL 12. Gov. Daniel J. McKee, state officials and Industrial Trust Co. Building owner High Rock...
THE R.I. COMMERCE CORP. Board of Directors voted 7-0 on Wednesday, May 11, 2022, to give High Rock Development LLC $15 million in tax credits through the Rebuild Rhode Island Tax Credit Program and $5.7 million from the First Wave Closing Fund as part of the $223.1 million financing package for the redevelopment of the Industrial Trust Co. building at 111 Westminster St. / PBN PHOTO/
PAMELA BHATIA

R.I. Commerce board approves $21M in ‘Superman’ building financing

PROVIDENCE – The R.I. Commerce Corp. board of directors voted 7-0 on Wednesday to approve nearly $21 million in state incentives as part of...
LASTING MARK? Providence Mayor Jorge O. Elorza, who cannot run in November for another term, is hopeful a renovated Industrial Trust Co. Building will add to the vibrancy of Kennedy Plaza, which the city is eying for a $140 million overhaul. / PBN PHOTO/PAMELA BHATIA

TO THE RESCUE? ‘Superman’ building project could key downtown recovery

The Industrial Trust Co. Building holds a towering place in Neil D. Steinberg’s memory. He started his banking career there nearly half a century ago,...
A PROPOSED tax stabilization agreement between the city of Providence and the owners of the Industrial Trust Co. Building has already stirred a lot of debate before the details have been hammered out. / PBN FILE PHOTO/CHRIS BERGENHEIM

‘Superman’ building will test city’s new tax stabilization policies

Reforms to the policies governing tax deals that Providence offers to real estate developers will be put to the test on the city's most...
KAREN A. SANTILLI, CEO and president of Crossroads Rhode Island, is excited about the $500,000 pledge that High Rock Development LLC promised to the nonprofit as part of the 'Superman' building renovation project. But, she hopes the developers will honor that pledge. PBN FILE PHOTO/MICHAEL SALERNO

Santilli: Crossroads surprised by $500K ‘Superman’ building pledge

PROVIDENCE – The top executive for Crossroads Rhode Island was surprised but nonetheless happy to hear that the local nonprofit would get $500,000 if...
NEW LIFE? After sitting vacant for nine years, Providence’s “Superman” building would be revived for residential and other uses under a $220 million plan that still needs some city ­approvals. / PBN FILE PHOTO/CHRIS BERGENHEIM

Do you support the $220 million, mixed-use ‘Superman’ building renovation plan?

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,...
THE INDUSTRIAL TRUST CO. BUILDING will be transformed into apartments with the help of a state financing deal reach with the owner. The deal was announced by Gov. Daniel J. McKee on Tuesday, April 12, 2022. The 111 Westminster St. building is owned by High Rock Development LLC, which bought the property for $33.2 million in 2008. / COURTESY FLICKR

$220M renovation plan unveiled for ‘Superman’ building

PROVIDENCE – The Industrial Trust Co. Building, the tallest property in Providence which has remained empty for nine years despite numerous efforts by public...
THE STATE IS IN HEAVY NEGOTIATIONS on a deal that "has legs" to redevelop the Industrial Trust Co. Building in downtown Providence into residential units, according to Gov. Daniel J. McKee. / PBN FILE PHOTO

McKee: ‘Heavy’ negotiations ongoing for Superman building, proposal ‘has legs’

PROVIDENCE – Rhode Island officials said they are currently engaged in serious negotiations with the owner of the Industrial Trust Co. Building – Rhode...
EVOLVING DISTRICT: The $20 million Providence River Pedestrian Bridge completed in 2019 is part of the changing landscape in the I-195 Redevelopment District. / PBN FILE PHOTO/ARTISTIC IMAGES

Sky has been limit for R.I. developers

REAL ESTATE Real estate has taken center stage in Rhode Island as a form of economic development. After a slow start, the long-vacant I-195 Redevelopment District...

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