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PROVIDENCE, R.I. — This city’s skyline has long been defined by the Superman building, so named by most everybody in Rhode Island because the 26-story skyscraper closely resembles the Daily Planet building that Superman leapt over in the 1950s television series.
Officially called the Industrial National Bank Building, the 428-foot skyscraper in downtown Providence is the city’s tallest building and a wonderful example of Art Deco architecture, with geometric friezes and a staggered facade that narrows to a lantern light on top.
It breaks my heart to see this glorious building vacant. From the KP side, there are already signs of decay: broken windows taped up or covered in small specs of plywood.
But there's plenty of vacant office space downtown, so what to do? Leave it rotting? Or convert it to housing?
Quote:
Originally Posted by NY Times
But High Rock cannot afford the immense redevelopment project without significant financial help from the city and state, Mr. Fischer said. Specifically, High Rock says it needs $75 million in public funds to help convert the building: $39 million from the state, $10 million to $15 million from the city and $21 million more from the federal government in the form of tax credits for historic buildings.
Seventy five million dollars to convert 441,000 square feet of space is only $140 per square foot -- not exactly cheap, but not a ripoff.
I think the revitalization of downtown requires bold moves, including the redesign of KP. The Superman building is the anchor for this improvement; let's do it!
Well, that's 75 million just in tax credits and other public funds. The actual cost to convert this building to housing would very likely be quite a bit higher.
Well, that's 75 million just in tax credits and other public funds. The actual cost to convert this building to housing would very likely be quite a bit higher.
Quote:
Originally Posted by NY Times
An economic impact analysis commissioned by the developer predicts the project would generate $159 million in one-time construction spending and 1,095 full-time jobs for the estimated 30 months it would take to complete the building’s overhaul.
So tax credits would cover roughly 45% of the renovation costs - that's steep. Still, a carefully crafted contract that protects the interests of the state and the city could avoid a Curt Shilling Moment.
Oh, c'mon, you Yankee tightwads, cough up! I mean, what are the other smart options, letting it rot, vacant and in decay? The building is key to the rebirth of downtown. And it costs to play in the bigs.
Oh, c'mon, you Yankee tightwads, cough up! I mean, what are the other smart options, letting it rot, vacant and in decay? The building is key to the rebirth of downtown. And it costs to play in the bigs.
You know, I do agree with you that leaving it vacant would not be such a good idea. However, the money has to come from somewhere and these are hard times. 75 Million in taxpayer funds is not that easy to find, especially after the 38 Studios debacle.
You know, I do agree with you that leaving it vacant would not be such a good idea. However, the money has to come from somewhere and these are hard times. 75 Million in taxpayer funds is not that easy to find, especially after the 38 Studios debacle.
Well, the mayor has chimed in:
Quote:
Originally Posted by NY Times
“A city is more than just one building,” said Angel Taveras, Providence’s mayor.
There's loads of investor money out there. Once the current owners sell at a loss some smart investor will snap it up and renovate it at a bargain price. Some public money for small business is one thing, public money for major ventures which will remain private property is another thing. The building will be redeveloped. Downtown Providence has been evolving over several decades.
There's loads of investor money out there. Once the current owners sell at a loss some smart investor will snap it up and renovate it at a bargain price. Some public money for small business is one thing, public money for major ventures which will remain private property is another thing. The building will be redeveloped. Downtown Providence has been evolving over several decades.
The current owners paid just $33.2 million for the building. Even a significant haircut won't amount to much money.
High Rock Developments miscalculated what was financially possible. They made an investment that was based on getting millions in public subsidies. Risky choice. Why should taxpayers bail them out ? There's probably big money in NYC that could do the entire project.
quote from the article:
"But High Rock cannot afford the immense redevelopment project without significant financial help from the city and state, Mr. Fischer said. Specifically, High Rock says it needs $75 million in public funds to help convert the building: $39 million from the state, $10 million to $15 million from the city and $21 million more from the federal government in the form of tax credits for historic buildings.
Throughout the spring, High Rock took its case to the local news media and the state’s General Assembly, noting that public subsidies have been necessary in many cases to make large redevelopment projects work.
But the answer from Rhode Island taxpayers has been a resounding no."
I agree that it's a shame to see such a beautiful and historic building sitting empty like this, but let's face facts - we're broke. The company that owns it can't afford it, and the city and the state are broke. Besides, after the Curt Schilling fiasco, I don't think many RI politicians will be willing to stick their necks out for a private project this expensive.
High Rock Developments miscalculated what was financially possible. They made an investment that was based on getting millions in public subsidies. Risky choice. Why should taxpayers bail them out ? There's probably big money in NYC that could do the entire project.
These are rental units. I'm not so sure NY real estate investors are going to flock to downtown Providence for the pleasure of getting involved in converting the building into apartments and renting them out at current rental market rates, particularly ones with the disgusting, filthy KP bus terminal as the front yard.
The tax accommodation could easily be made by simply hiking the car tax by 25%, or raising the sales tax. Progress, Holly, has a price.
Last edited by AlfieBoy; 10-30-2013 at 04:56 PM..
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