ECONOMIC IMPACT OF SAVING SUPERMAN
Economic studies have found the adaptive reuse of the Superman building to a primarily residential use will generate substantial economic benefits to the City of Providence and State of Rhode Island. An economic impact report prepared in 2013 (updated in April 2016) by HR&A**, assumes a conversion to approximately 278 units of housing and 33,000 SF of commercial space. The results of this study, listed below, are being considered as we explore plans for redevelopment.
During the projected 30-month development period:
- Project construction would generate a total of $193 million in one-time economic spending. This includes an estimated $108.5 million in direct spending on construction-related activities and $84.5 million in multiplier spending across a range of industries.
- Project construction would support 800 full-time equivalent job years. This includes 395 full-time-equivalent job years in construction and related industries and 405 multiplier jobs in a range of industries.
- Project construction would generate $48.6 million in employee compensation. This includes $23.5 million in employee compensation from direct jobs and $25.1 million from multiplier jobs.
At full build out, the redevelopment of the Superman building will generate substantial impacts on an annual basis. Given the location in the heart of Providence and strong base of existing retail options, it is likely that the City would capture a significant share of this economic activity.
- The project would generate over $29 million in economic spending from households and building operations. This includes $3.5 million in direct resident retail spending, $12.7 million in direct operational spending, and $12.8 million in multiplier spending.
- The project would support a total 248 full-time equivalent jobs. This includes 119 direct on-site jobs in retail, property management, and office-using sectors of the local creative economy.
- The project would generate $8.8 million in annual employee compensation. This includes over $3.6 million in direct compensation to workers employed on-site.
**HR&A is a real estate, economic development, and public consultancy firm originally founded in 1976. The firm specializes in conducting economic and fiscal impact studies of organizations, development projects, and policies. The firm serves clients out of its offices in New York, Dallas, Los Angeles, and Washington, D.C.