McKee Says No Additional RI Taxpayer Dollars for Superman Building
Friday, October 06, 2023
In April of 2022, Rhode Island state officials and then-Providence Mayor Jorge Elorza announced a plan that provided nearly $100 million in federal, state, and city appropriations, tax credits, and tax stabilization dollars to subsidize Newton, MA-based developer David Sweetser’s plans to rehab the Superman building into apartments.
Eighteen months later, the project is in limbo despite the announcement Thursday that Sweeter’s High Rock Westminster, LLC will spend $25 million to begin the demolition process on the interior of the building.
The project’s proposed budget is believed to have ballooned. The development team has asked for tens of millions of additional public funds in support of the project.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
McKee Says No Additional Public Monies
Appearing on WPRO radio, McKee said, “We are going to hold up our side of the bargain" --- but warned there will be no additional public dollars.
“I can’t see to putting in more money coming into the project in a way that is coming out of Rhode Island taxpayers,” said McKee on Thursday on The Matt Allen Show.
Developer's Appraisal a Decade Ago Said the Building's Value is Zero
In 2014, Peter M. Scotti Associates conducted an appraisal of the property on behalf of Sweetser. Scotti found:
"Given the dismal prognosis for any level of positive cash flow in the near or late-term, a prudent owner or buyer would typically demolish the structure. The cost of demolition is exacerbated by the relatively small footprint of the building and would probably need to be completed in multiple stages, and the result would be a vacant 27,000 SF parcel with a value significantly less than the cost of demolition. Therefore it is my opinion that the Highest and Best Use of the subject is to "shutter" the building with the hope that Market Conditions improve to the point where rehabilitation is an option. We estimate value as of December 31, 2012, to be Zero ($0.00) Dollars."
READ ABOUT THE DEAL BELOW AS PROPOSED IN APRIL, 2022
Related Slideshow: 7 Things to Know About Superman Building and Deal Being Proposed
Related Articles
- Superman Building Has Been Vacant for 8 Years — Is There Any Hope?
- 21 to Watch in RI in 2021: Superman Building
- Whitcomb: Taxes and Infrastructure; Prov Teachers Pension Obsession; Superman Scrap
- Superman Building Headed for Tax Sale UPDATED
- The Industrial Trust Building (Superman) is Not a Tear-Down
- Will Coronavirus Pandemic Kill Fane Tower and Rehab of Superman Building?
- New Providence — Wexford & Pedestrian Bridge Shift City’s Focus From Superman and Financial District
- Commerce Secretary Pryor LIVE — Superman Building, Infosys and Need to Improve Education in RI
- EDITORIAL: Superman Building — Now Dark for 6 Years. Will Anyone Lead?
- NEW: Superman Building Named One of “11 Most Endangered Historic Places” in U.S.
- Architectural Critic Will Morgan: Superman Building
- UPDATED: Superman Developer Submitting Plan to State, $215M Project, 285 Units
- EDITORIAL: If RI Funds Superman Building Reset, Taxpayers Should Be Partners
- Superman Gets Approval From Commerce, Fane Project Delayed, and 195 Comm Holds Session on Parcel 2
- Superman Building Deal Needs Special Tax Legislation - Here Is What Shekarchi Says
- Superman Building Deal Approved by Providence City Council Committee - Now Goes to Full Council
- Providence City Council Approves First Passage of 30-Year TSA for Superman Building
- Superman Building Today: Smell of Urine, Graffiti and Decay — Developer Poised to Ask for More
- Consulting Firm’s Letter: Superman Rehab Not Viable Without Tens of Millions in Public Funds
- We Asked the State About the Details of the Superman Deal - Here Is What They Said
- How This “Other” Superman Building’s Revitalization Transformed a City’s Downtown
- UPDATED: State Officials and Superman Owners Expected to Make Deal Announcement
- EDITORIAL: Superman Rehab Will Cost Taxpayers Approximately $100M - But May Be Best Deal Available
- 7 Things to Know About Superman Building and Proposed Deal
- Superman Building Owners to Begin $25M “Demolition Process” This Month