Providence's long-stalled Superman Building redevelopment received a major financial boost Monday as Rhode Island officials approved $9.5 million in additional state incentives for the project.

The Rhode Island Commerce Corporation unanimously approved the funding for High Rock Development, which is seeking to transform the vacant 26-story tower at 111 Westminster St. into a residential and commercial destination in downtown Providence. The building has been vacant since 2013.

The latest funding comes as the project's estimated cost has increased substantially. What was originally planned as a roughly $220 million redevelopment is now projected to cost about $327 million, an increase of nearly 50%. State officials attributed the higher price to inflation, supply-chain costs, and elevated interest rates.

Under the revised plan, the building is expected to contain 308 apartments, with 20% designated as affordable housing. The redevelopment would also include commercial space, bringing new residential activity to one of Providence's most prominent downtown properties.

The newly approved package includes $5 million from the state's First Wave Closing Fund and $4.5 million in sales-tax relief tied to construction costs. The additional assistance brings total state and city public support for the project to more than $52 million, while the city has also approved long-term tax incentives.

Construction Could Begin in 2027

Following Monday's approval, High Rock Development manager Michael K. Crossen said construction could begin in 2027.

The project still depends on completing its financing package, including a proposed federal loan of roughly $160 million. State officials emphasized that the newly approved state incentives will not simply be handed to the developer immediately. The money is structured around the project's completion and other safeguards intended to protect taxpayers.

If construction begins as planned, the redevelopment is expected to take approximately two and a half to three years to complete.

The building's long vacancy has made its redevelopment a major issue for Providence's downtown. State and local officials have argued that bringing hundreds of residents back into the tower could generate additional foot traffic, support nearby businesses, and help accelerate investment around Kennedy Plaza.

A Major Test for Downtown Providence

The Superman Building project has been in development for years, with its original redevelopment agreement announced in 2022. At that time, the plan called for 285 apartments, including 20% affordable units, along with commercial and community uses.

The project's rising costs and delays have generated questions about how much public investment should be committed to a single redevelopment. State officials, however, argue that the building's location and potential housing contribution make it an important investment in Providence's future.

For real estate professionals, the project represents more than the redevelopment of one historic building. Its success could provide a significant boost to downtown Providence's residential market, adding hundreds of apartments while potentially encouraging additional investment in surrounding properties.

The project also comes at a time when Rhode Island continues to face a severe housing shortage, making the addition of hundreds of new units particularly significant.

The Bottom Line

Rhode Island has approved another $9.5 million in public support for the Superman Building redevelopment, bringing total public investment to more than $52 million as the project moves toward a potential 2027 construction start.

If completed, the redevelopment would transform one of Providence's most recognizable vacant buildings into 308 apartments, including 20% affordable housing, along with commercial space.

After more than a decade of vacancy and several years of financing delays, the latest funding approval could finally put the iconic downtown property on a path toward construction.