WHERE WE ARE NOW
Owner High Rock Development, LLC purchased the building in 2008. In 2013, former tenant Bank of America ceased its operations in the building and the Superman Building has been unoccupied and without a tenant ever since. Recently, the building and the surrounding community have witnessed the increasing negative impacts of long term vacancy. We have been diligent in our efforts to identify new tenants, exploring everything from securing a new single use office tenant to looking at mixed-use commercial and residential.
Given the current commercial and residential markets, we have determined that a mix of uses, primarily focused on housing, but including commercial, is the key to the redevelopment of this historic building.
The housing market in the downtown district is thriving and in need of more inventory, maintaining nearly 95 percent occupancy rates. Based on the results of market research (HR&A reports) and the negative effects of postponing, we are looking to move ahead immediately with a plan to convert the nearly 90-year-old building into a mix of uses, including retail/commercial on the lower levels and residential above.
As a community, we have much to lose from the building's current vacancy, but we also have a tremendous amount to gain from its redevelopment.
As time passes and the building sits vacant, costs continue to rise.
- the value of this property is decreasing and having a detrimental effect on surrounding property values
- the cost of maintaining the vacant space is increasing
- interest rates are increasing
- construction costs are on the rise
- The relocation of Interstate 195 has moved the City of Providence into a period of transformative economic development, making 35 acres of land available, 19 of which will be used for commercial development. This relocation unites downtown and the Jewelry District into one cohesive area. While this land is an enormous development opportunity for the City, its success depends upon continued investment in downtown.
- the longer we wait, the more opportunities we are missing to contribute to the growth of the city and state
- There is a high demand for rental housing in downtown Providence, with occupancy rates holding steadily above 95 percent
- The impact of hundreds of new residents will have a transformative effect on Kennedy Plaza, Downtown Providence, the 195 land and the adjacent businesses
- It is well know that our younger generation is seeking housing in thriving downtowns across the country
- It is also well know that companies are eager to locate in cities where this younger generation is establishing roots
- There is an abundance of vacant office space in the city. Adding large amounts of additional office space will negatively impact what already exists and be challenging to identify tenants.