NEW: Superman Building Owner Seeking $70-$75M for Renovations

Tuesday, April 30, 2013

 

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According to reports released this morning, High Rock Development is looking for $70 to $75 million in local, state, and federal funding to turn the "Superman building" at 111 Westminster, which it currently owns, into 278 upscale apartments.  

Studies indicate that the project would cost $140 to $145 million, which would include $70 million from High Rock, who is then is looking for $39 million in support from the state, $21 million in federal historic tax credits, and a 17 year, $10-15 million tax stabilization agreement with the City of Providence.  

Plans released today show High Rock's vision for offices, retail, and restaurants on the lower levels.   According to High Rock, over 1000 jobs would be generated during construction, with 230 permanent post-development jobs, and an economic impact of $4.6 million in tax revenues during construction plus anticipated annual state sales and income taxes of $680,000.

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