7 Things to Know About Superman Building and Proposed Deal
Wednesday, April 13, 2022
The proposed Superman building deal has sparked two reactions — one being that this is a critical project to revitalize the decaying building and to spark economic development in the capital city.
The other is this is another Rhode Island sweetheart deal to benefit a developer, and this project is fraught with the risk of cost overruns — de facto, a bailout.
Over the past decade, GoLocal has written more than 150 stories about the state’s tallest building — one clearly in physical and economic decay.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe reactions to the agreement announced this week are polarized.
“As Rhode Island continues to lead the region in our economic recovery, this project will help to maintain that momentum by reinvigorating downtown Providence, creating good-paying construction jobs, increasing our state’s market rate and affordable housing supply, and generating further opportunities for the residents and businesses of our capital city,” said Governor Dan McKee. “My thanks to everyone involved in the negotiations for coming together to bring the ‘Superman Building’ back to life.”
Former gubernatorial candidate Ken Block took to social media and took the deal to task, however.
“Predictably, RI has caved and will be pouring tens of millions of dollars into the 'Superman building' in downtown Providence," Block wrote. "The project is currently estimated at $220 million in total and when it is done, will become 285 residences plus some retail space, etc. on the first floor.”
Block added, “RI is bailing out some rich dude who appeared to make a bad business decision when he bought this dilapidated and unoccupied office tower. Of course, he might have been quite shrewd, banking on public tax dollars to help him make a lot of money on the thing.”
GoLocal has broken down the history, the importance of the building, and the issues that have raged over the past decade.
SEE THE SLIDES BELOW
Related Slideshow: 7 Things to Know About Superman Building and Deal Being Proposed
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