Rhode Island Approves 9.5M for Superman Building
Rhode Island approved an extra 9.5 million dollars in state subsidies for the residential conversion of Providence's vacant Superman Building. The public subsidy package has now reached 52.8 million dollars as total project costs rise to 327 million dollars.
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Rhode Island approved an extra $9.5 million in state subsidies on Monday morning for the redevelopment of the empty Industrial Trust tower in downtown Providence, bringing total public support to $52.8 million. The new incentives lift total state commitments to $37.8 million, while the city has separately backed the project with $15 million in grants and loans. The increased funding aims to offset surging costs as developer High Rock Development looks toward securing federal financing.
