PROVIDENCE — The City Council voted to approve the $29 million tax deal for owners of the “Superman” building on Thursday night. The council will hold a second vote on Nov. 3 before it heads to Mayor Jorge O. Elorza’s desk for his signature.
How much are the apartments expected to cost in the Superman building?
Rents for market rate units are expected to range in price:
- Studios: $2,071 to $2,289
- One bedroom: $2,616 to $3,052
- Two bedroom: $3,706 to $4,142
- Three bedroom: $4,796 to $5,287
What about the affordable housing units?
There will be 285 apartments in the Superman building’s redevelopment proposal. Of those, 20 percent (which translates to at least 57), will be deemed “affordable. Here’s who will be able to rent those deed-restricted units;
- Half of those affordable units will be for individuals who make up to 120 percent of the area median income (also known as AMI), or $72,650 annually for an individual.
- A quarter for individuals who make up to 100 percent of AMI, or $60,550.
- And a quarter for individuals who make up to 80 percent of AMI, or $48,450. The rest of the units will be at market rate, according to the developer.
Therefore, affordable unit rents are expected to range from $1,384 to $2,076.
What are the details of the Superman building’s tax deal?
The 30-year tax stabilization agreement (TSA) ordinance is between the city and High Rock Westminster, the Superman building, formally named the Industrial National Bank Building located at 111 Westminster St. This TSA is one component of a $223 million public-private partnership project, which includes funding and supports from the city, the state, Rhode Island Commerce Corporation, the Rhode Island Foundation, and Rhode Island Housing.
The TSA would generate $26.8 million in annual property taxes. The deal would save the owner $29.3 million in taxes they would have owed if they had to pay the city’s full commercial tax rate of $35.40 per $1,000 of assessed value, according to the city’s projections.
Who voted in favor of the deal?
The Council voted 11 to 1 to approve the TSA. Councilwoman Kat Kerwin of Ward 12 voted “no.” Councilors Rachel Miller of Ward 13, Mary Kay Harris of Ward 11, and Pedro Espinal of Ward 10 abstained from the vote.
When will construction on the Superman building begin?
- The council will hold a second vote on Nov. 3. It will need to fully approve the deal before it heads to the mayor’s desk for his signature.
- A High Rock spokesman told the Globe they planned on starting interior demolition by the end of 2022.
- Construction could take about 18 to 24 months.
Where can I read more about the Superman building?
- Superman building in Providence gets first approval for redevelopment, but critics remain skeptical (Oct. 17, 2022)
- Superman building deal faces opposition: ‘This could push Providence into bankruptcy’ (April 13, 2022)
- This is what it’s like inside Providence’s Superman building right now (April 12, 2022)
- Providence’s Superman building to be redeveloped into mixed-use residential, office, and retail space (April 12, 2022)
Alexa Gagosz can be reached at email@example.com. Follow her on Twitter @alexagagosz and on Instagram @AlexaGagosz.