NEW: Superman Building Owner Seeking $70-$75M for Renovations
Tuesday, April 30, 2013
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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