Silence on ‘Superman’ deafening

(Updated July 8 to correct information regarding the governor’s budget proposal) Nothing in the new state budget appears to be able to help rescue the so-called “Superman Building,” the iconic skyscraper in Providence that lost its last tenant in 2013.

Where are its advocates? In previous years, when the owner of the Industrial Trust Bank building sought public incentives to assist in redevelopment, including $39 million in state support, the Providence mayor and others made efforts to make it a priority.

This year, even the building’s owner has remained silent. David Sweetser, principal of High Rock Development, referred questions from Providence Business News about the property to his spokesman, William Fischer, who said the owner remains committed to redeveloping the property, but couldn’t say how.

Gov. Gina M. Raimondo’s budget proposal did not include dedicated funds to replenish the state’s historic preservation tax credit program, which provides state tax credits for renovation of historic structures. The program will continue using funds that remain from prior years.

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Raimondo did, however, introduce a new program, the Rebuild Rhode Island tax credit, which could serve a similar purpose, by providing up to a 30 percent tax credit for projects with historical value.

In its review of her budget, which would ultimately include $45 million in direct state incentives for economic development, the House finance committee added a $15 million per-project cap on the Rebuild Rhode Island tax credits, an amount likely too small to help the Superman Building, acknowledged Fischer. The committee also established a three-year expiration for the program.

In all of the discussion and testimony about the tax-credit program, no one mentioned the Superman Building, according to Raymond E. Gallison Jr., D-Bristol, chairman of the House Committee on Finance.

While nothing happens, the vacant building loses value.

The building lost its last tenant, Bank of America, in 2013.

Although various media outlets this year have reported that Citizens Financial Group is interested in a move to the building, a spokesman for the bank last week declined comment.

When Providence completed a task force report on economic development in 2014, under then-mayor Angel Taveras, the 26-story structure was given special consideration. The report cited a 2013 study prepared by HR&A Advisers, which found the building then valued at $31 million. In 2014, the city assessed the property at $29 million.

Mayor Jorge O. Elorza, however, has not made the building a public focus. He could not be immediately reached for comment last week.

Council President Luis A. Aponte has worked with Elorza on a property tax stabilization plan that would cover redevelopment of the Interstate 195 land in Providence, under state pressure to get an agreement in place.

The Superman Building, he said, is not something the city can help on its own.

“With the right amount of state and city incentives and involvement it can happen,” he said. •

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