News Summary
The redevelopment of the Superman Building in Providence is in limbo following the death of developer David Sweetser. Plans to transform the long-vacant structure into mixed-use space with 300 apartments face increased scrutiny as local leaders question the project’s future. Despite state support, concerns remain about securing necessary public financing and maintaining momentum after Sweetser’s passing. Former and current city officials express diverging views on the project’s viability amidst this uncertainty.
Providence is facing renewed uncertainty regarding the redevelopment of the iconic Superman Building, which has remained vacant since Bank of America vacated it in 2013. The recent passing of developer David Sweetser has left many questioning the future of the redevelopment plans, which aim to transform the long-emptied structure into a mixed-use space featuring approximately 300 apartments and commercial facilities.
Sweetser’s company, High Rock Development, acquired the building in 2008. Since then, plans to revitalize the facility have encountered multiple delays. The current proposal includes the addition of 285 rental units, with 20% earmarked as income-restricted housing. However, the total projected cost for this redevelopment initiative has surged to nearly $270 million, exacerbating the concerns of local lawmakers and community leaders about the project’s viability.
In late July, the Rhode Island General Assembly took steps to support the redevelopment by approving a sales tax exemption on construction materials necessary for the project. The state government has previously committed to $65 million in public financing to facilitate the redevelopment efforts, which comprises $26 million from the state and $15 million from the city.
Despite these supportive measures, the recent death of Sweetser has cast a shadow over the project’s future. Concerns have been raised among local leaders about whether the new leadership at High Rock Development will carry on with the plans and continue pursuing necessary public financing. In particular, skepticism from some lawmakers about the developers’ commitment to the project has contributed to an atmosphere of uncertainty.
The Superman Building, also known as the Industrial Trust Building, stands as an emblem of urban decline in Providence, symbolizing a shift in the city’s economic landscape. Once surrounded by bustling shops and restaurants, the surrounding area has also witnessed a downturn corresponding with the building’s vacancy, negatively affecting the local economy.
Former Providence Mayor Joseph Paolino has expressed apprehension about the redevelopment’s trajectory in light of Sweetser’s passing. However, current Providence Mayor Brett Smiley has emphasized that the project remains a high priority for the city, underscoring a commitment to see the redevelopment through despite the recent setback.
As developments continue, the importance of the project cannot be understated. A previously negotiated 30-year tax deal could yield significant savings of approximately $29.4 million in city property taxes if the redevelopment is completed. Nonetheless, the building’s assessed value has diminished in the eyes of officials, settling at $13.5 million in 2025.
The original timeline for the comprehensive redevelopment was expected to commence in 2022, yet delays have frustrated both city and state stakeholders. The Senate Committee on Finance has since advanced a bill, sponsored by Senator Jake Bissaillon, aimed at providing tax benefits to invigorate the project and draw further investment into the area.
As the situation develops, key players in Providence will continue to monitor the project closely, determining next steps in light of both the challenges presented by Sweetser’s death and the necessary public financing that lies ahead.
Deeper Dive: News & Info About This Topic
HERE Resources
New Apartment Complex Proposed in Providence’s West End
Rhode Island Faces Economic Challenges Amid Job Losses
David Sweetser, Real Estate Visionary, Passes Away
David C. Sweetser Passes Away, Leaving Uncertainty for Superman Building Redevelopment
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: Superman Building Featured in Wall St. Journal
- Rhode Island Current: Redevelopment of Superman Building
- Turnto10: What’s Next for the Superman Building
- WPRI: What’s Next for the Superman Building After Sweetser’s Death
- NewportRI: Opinion on State Archives in Superman Building
- Wikipedia: Superman Building (Providence)
- Google Search: Providence Superman Building
- Google Scholar: Providence Superman Building
- Encyclopedia Britannica: Superman Building Providence
- Google News: Providence Superman Building
Author: STAFF HERE PROVIDENCE WRITER
The PROVIDENCE STAFF WRITER represents the experienced team at HEREProvidence.com, your go-to source for actionable local news and information in Providence, Providence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as WaterFire, Rhode Island International Film Festival, and Rhode Island Comic Con. Our coverage extends to key organizations like the Greater Providence Chamber of Commerce and Providence Warwick Convention & Visitors Bureau, plus leading businesses in finance and manufacturing that power the local economy such as Citizens Financial Group and Textron. As part of the broader HERE network, we provide comprehensive, credible insights into Rhode Island's dynamic landscape.
