Providence’s Tallest Building Is a Dead Ringer for Real Estate Potential

A vacant building in Providence is getting national attention for all the wrong reasons.

The Wall Street Journal (WSJ) featured Providence's Superman Building, a 26-story office tower that has been vacant since Bank of America withdrew from the structure in 2013, in an article titled "The Landmark U.S. Office Buildings That Are on Life Support." 

Efforts to redevelop the building into residential apartment units hit a roadblock as Providence officials insisted on the structure remaining for commercial use. 

The structure is informally referred to as the Superman Building due to its resemblance to the fictitious Daily Planet headquarters associated with Superman.

WSJ reported that in July, a solution for what to do with the building seemed possible. David Sweetser, a 70-year-old developer who owns the building, assembled a $308 million financing package for a conversion plan that local officials endorsed. Sweetser then passed away, plunging the project's future into uncertainty.

"By all accounts, the boarded-up Superman Building has dragged down the local economy, especially in the area near City Hall where it's located. The tower used to be the hub of an area with lively stores and restaurants. Today, many nearby retail locations are closed," the WSJ noted.

In 2014, a GoLocalProv report revealed an appraisal for the Superman building that indicated the building has no value. At that time, findings from Providence-based appraiser Scotti and Associates showed that the Industrial National Bank Building, as it's formally called, at 111 Westminster St. would cost between $60 million and $100 million to rehabilitate.