Officials have been scrambling to figure out what to do with the 26-story building ever since its only tenant, Bank of America, made an announcement that it will move out this Spring.
Several proposals have been brought to the table, and many of them have either been rejected or looked over. A good example is Gov. Lincoln Chafee’s proposal of moving in state employee’s last year. Although this downtown building is sure to be an ideal space for any project or venture, many are still debating if the next step will be a lucrative one. Additionally, not only is it difficult to figure out what to do with the building, but it’s also a bit controversial as to who would pay for its reformation.
According to a recent article by WPRI.com, city officials are proposing that tax payers’ money be used to help private investors with the costs of remodeling the space into apartments. This could mean tens of millions of dollars (a projected cost of up to $40 million).
Mayor Taveras argues that allocating historic tax credits towards the redevelopment of 111 Westminster Street is “critical to maintaining a vibrant downtown and supporting economic development in Providence.”
City Hall is still waiting on an economic analysis on redeveloping the Superman building. Currently, the building has a single heating-air conditioning system and it’s unusable for anything other than a single tenant, according to RIPR.org.