PROVIDENCE, RI (WLNE) – Providence’s finance committee has voted to approve a tax stabilization agreement for the redevelopment of the Superman Building on Westminster Street.
The committee approved the 30-year deal unanimously and it now goes to city council for approval.
High Rock Westminster Street LLC, the developer of the project, proposes to construct 285 apartments in the Superman Building, with 20% of the units earmarked for affordable housing.
The project would also bring a mix of commercial and community spaces alongside residential apartments.
“The TSA is a critical component that allows the building owner to make this important investment in Providence, and without a deal, as we heard tonight, the project would die. Clearly we need to move on.” forward and turn a dilapidated property into a vibrant economic engine,” said committee chair Jo-Ann Ryan.
The tax relief has been applauded by construction union members who are expected to generate more than 1,600 jobs through the project.
Several residents spoke out against the project, citing even at affordable housing rates, many people who reside in the city still could not afford the going rate.
The full deal can be found here.