David C. Sweetser Passes Away, Leaving Uncertainty for Superman Building Redevelopment

News Summary

David C. Sweetser, managing partner of High Rock Development, has passed away at the age of 70, raising concerns over the future of the Superman Building redevelopment project in Providence. Sweetser’s efforts were crucial in transforming the long-vacant building into residential and commercial space, but his death creates uncertainty in financing and project timelines. Colleagues remember him as a dedicated leader deeply connected to the community. His contributions significantly impacted urban revitalization efforts and will be sorely missed.

Providence, Rhode Island – David C. Sweetser, the managing partner of High Rock Development, died on July 19th at the age of 70, leaving behind a legacy in the real estate development industry and raising uncertainties about the future of a significant redevelopment project in Providence.

Sweetser was actively involved in negotiations with city and state officials for subsidies to convert the long-vacant Superman Building into 300 apartments combined with commercial space. This building, which has stood empty for over a decade, was purchased by Sweetser in 2008 and has become a focal point for urban revitalization efforts in the city.

The redevelopment of the Superman Building has faced substantial challenges in recent years, with project costs climbing from an estimated $220 million to $308 million due to rising inflation and construction expenses. Despite these hurdles, a public financing package of approximately $65 million was approved in spring 2022, backed by commitments from state and local governments. This financial support included a pledge of $41 million aimed at stimulating the downtown area, contributing to the vision of transforming the tallest building in Rhode Island.

However, progress on the redevelopment has been slow. Although demolition work had begun, construction faced significant delays. A proposed tax break aimed at providing financial relief for construction materials was under consideration, deemed essential for moving the project forward, but details surrounding this proposal remain unfixed in light of Sweetser’s passing.

David Sweetser’s death is viewed as a considerable loss for both the Providence community and the wider business circle. Colleagues and associates have recognized Sweetser as a devoted family man who had a deep connection with the communities in which he worked, particularly in Providence. His history includes a successful track record in building Market Basket grocery stores, closely linked to the Demoulas family, and he held the respect of many in the industry.

Sweetser is survived by his wife, Jayne. Arrangements for his memorial services are yet to be announced. As the news of his death spreads, the future of the Superman Building redevelopment project hangs in the balance, leaving stakeholders uncertain about its financing and development timelines. Rhode Island Commerce Secretary Jim Bennett has reflected on Sweetser’s impact, describing him as a visionary leader whose contributions to Providence will be remembered.

In closing, while David Sweetser’s death marks a tragic end to his 70 years, it also presents challenges ahead for the Superman Building’s future redevelopment efforts. The community now awaits clarity on the next steps for the project and how it will continue without Sweetser’s guiding leadership.

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HERE Resources

Rhode Island’s $14.3 Billion State Budget Unveiled with Tax Changes
Providence City Council Proposes Property Tax Increase
Uncertain Future for Providence’s Superman Building

Additional Resources

• GoLocalProv: David Sweetser, Managing Partner of Group that Owns Superman Building, Dies
• Wikipedia: Superman Building
• Boston Globe: Providence Superman Building Owner Dies David Sweetser
• Google Search: Superman Building Providence
• Turn to 10: David Sweetser, Superman Building
• Encyclopedia Britannica: Providence, Rhode Island
• Providence Journal: Superman Building Owner Seeks New Tax Break
• Google News: David Sweetser