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GoLocalProv has learned that Citizens Bank is eyeing the Superman Building for its corporate headquarters.
The Superman building - Providence’s tallest building — has been vacant since its last tenant, Bank of America, moved out of the iconic structure in March 2013, leaving Providence with a massive black mark on its landscape. The building is located at 111 Westminster Street.
Since then, the owner of the building High Rock Development has been seeking federal tax credits, state subsidies, state tax credits, and a tax stabilization treaty from the City of Providence to underwrite a mammoth redevelopment of the building for proposed residential use. According to the developer and assessments, the cost of rehabbing the building is expected to exceed $75 million.
Apparently. Citizens is running out of space in its current HQ. This would be GREAT news for Providence.
Apparently. Citizens is running out of space in its current HQ. This would be GREAT news for Providence.
Anyone think this is true?
Better bone up on your Scottish brogue
But seriously, it would be a boon to downtown, for sure. I have a friend from RI staying with me this week, who said that CVS is leaving Woonsocket for Boston. Is that true? (I am not sure if I missed a thread about it, or not)..
So while Citizens is relocating within the state and it won't help past the construction jobs to rehab the building, it will definitely help DTP!
But seriously, it would be a boon to downtown, for sure. I have a friend from RI staying with me this week, who said that CVS is leaving Woonsocket for Boston. Is that true? (I am not sure if I missed a thread about it, or not)..
So while Citizens is relocating within the state and it won't help past the construction jobs to rehab the building, it will definitely help DTP!
Would be fabulous if Citizens moves in.
CVS is not going anywhere. They considered going overseas and leaving RI in the lurch but we offer them good tax breaks and cheap real estate as well as a large work force.
CVS isn't leaving, but great new that Citizens is considering the Superman Bldg. It seems as they leave the Bank of Scotland, to go it on their own, they'll need more space. While most of the other big banks have come and gone, Citizens Bank has stayed as a good citizen. My question is, how much would they pay for a building which is appraised for less than $0? Or maybe better question, how much would have to go to Citizen's to get them to take it?
If I were the bank I'd stay right where I am... they have a very nice building.
If they need more space, they can rent other space. Preferably, in the burbs with free parking!
Depends on how much Citizens can weasel the city and state out of.
"Presently, Governor-elect Gina Raimondo is trying to put together a package to entice Citizens to stay in Rhode Island and move to the vacant Superman building"
Still, if you're gonna dole out welfare; better that it stays in commercial use than more crash pads for Boston commuters.
CVS isn't leaving, but great new that Citizens is considering the Superman Bldg. It seems as they leave the Bank of Scotland, to go it on their own, they'll need more space. While most of the other big banks have come and gone, Citizens Bank has stayed as a good citizen. My question is, how much would they pay for a building which is appraised for less than $0? Or maybe better question, how much would have to go to Citizen's to get them to take it?
That appraisal written by Scotti seems written simply to show that the renovations will cost a lot and was probably written solely to get subsidization by the state in terms of tax credits, etc. Any standing building has some value on the market. If there are no local comps, one then goes to another city to get comps.
That appraisal written by Scotti seems written simply to show that the renovations will cost a lot and was probably written solely to get subsidization by the state in terms of tax credits, etc. Any standing building has some value on the market. If there are no local comps, one then goes to another city to get comps.
In appraisal terms, a structure is worthless, if the cost to make it occupiable exceeds its current existing value. This is likely the case with the Industrial Bank Building. Appraisers can't tailor a value just because there are no comparable sales. $0 plus the cost of rehab, for most marketable uses, is probably more than its completed value.
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