High Rock Seeks Tax Credits for “Superman Building’s” M-F Makeover
High Rock Development of Newton, Mass. is planning to repurpose the 26-story Industrial Trust Tower in downtown Providence from office to residential rental space. According to the Associated Press, the owner of the 350,000-square-foot property intends to build up to 290 apartments on the upper floors, as well as ground-floor retail and restaurant space.
Bill Fischer, a spokesman for High Rock, told AP that the company is seeking historic tax credits to reposition the 85-year-old Art Deco landmark, which is Rhode Island’s tallest office building.
“Downtown Providence is in real need for residential rental space. It’s not in dire or desperate need for office space,” he said. “When you start to talk about the future of Providence and what it’s going to look like in five to 10 years … it makes perfect sense.”
High Rock is awaiting the results of an economic impact study it commissioned to determine the best re-use of the property. The company hopes to come up with a clear redevelopment plan in three or four weeks.
Also known as the Superman building, the property at 111 Westminster St. opened in 1928. Its only tenant, Bank of America, completed its move out of the building last month.
Photo credits: Julie Kertesz via Wikimedia CommonsTags: Development, economy, operations, Policy