Time to restore R.I.’s historic tax credit

Legislation should never be enacted with one overwhelming beneficiary in mind (Exhibit A: 38 Studios LLC). More

To continue reading this article, please do one of the following.

PBN Editorial

Time to restore R.I.’s historic tax credit

Posted 2/4/13

Legislation should never be enacted with one overwhelming beneficiary in mind (Exhibit A: 38 Studios LLC).

But there is one potential project that should make the revival of the historic-preservation tax credit a priority this year.

The program comes to mind because Cornish Associates, the developer founded and run by Arnold “Buff” Chace Jr., has been hired to study the feasibility of turning 111 Westminster St., also known as the “Superman building,” into a residential tower.

Mr. Chace estimates 200 to 300 units in the old Bank of America regional headquarters would be “just what the doctor ordered” to help continue downtown’s transformation into a vibrant, mixed-use neighborhood, although it could not be built without a reinstatement of the historic-tax-credit program.

The credits more than pay for themselves in terms of current economic activity, and they attract private capital that otherwise would not come here. Hopefully, the Superman building will generate the needed push to bring it back. •

No comments on this story | Add your comment
Please log in or register to add your comment
PBN Hosted

Register today for the First Annual PBN Manufacturing Awards Dinner and Ceremony, Thursday, April 24th, at the Bryant University Bello Center. Click here for more information, including the list of winners.
  • Business Women
    Accomplished. Confident. Wicked Smart. Nominate women you know who deserve speci ...
  • 40 Under Forty
    It's the 10th Anniversary of 40 Under Forty, and PBN is planning a special event ...
  • Healthiest Employers
    Enrollment now open for the 2014 Healthiest Employers Program. Please take a mom ...
Purchase Data
Book of Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  • Purchase an e-File of the entire Book of Lists database
  • Purchase a printed copy of the Book of Lists
    Latest News