Providence Local News

 

New Aid Plan Proposed for RI's Tallest Building

New Aid Plan Proposed for RI's Tallest Building

NewsRadio 920 WHJJ and the Associated Press

PROVIDENCE, R.I. (AP) — The owner of Rhode Island's tallest building has a new plan asking for $39 million in state aid to refurbish the landmark Providence tower.

Newton, Mass.-based High Rock Development announced Tuesday that it is proposing legislation that would create a redevelopment fund to help save the 26-story skyscraper known as the Superman building. The tower became vacant last year when Bank of America moved out.

An effort by High Rock Development to get state funding last year failed. It's asking the state to provide four annual payments of $9.75 million.

High Rock estimates it will cost $115 million to renovate the building into retail and office space and 280 apartments. It hopes a state investment will secure $80 million in new equity, debt and federal funds for the project.

 

Shutterstock/Stephen B. Goodwin

 

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