"We're talking about annual spending, just in sales tax alone from those residents, totaling $26 million," he says. "But it has to be viewed from a unique perspective," Fischer says, "because the alternative is we flood the market with class-B office space, or we mothball it for a while, and that's not some political or retaliatory tactic - it's a sound real estate tactic."įischer says adding more residents to the downtown area would serve the city better than more office space because of the increased spending and tax revenue. "It's a bit eerie, and kind of sad," says High Rock spokesman Bill Fischer.įischer says his company respects Providence Mayor Angel Taveras and the city's emotional attachment to the 1927 art deco skyscraper, and that he wants them to be a partner in the building's future. Pens still sit in slots where tellers used to be. As recently as a month ago, residents could cash checks in the bank here. The dark cavernous main hall of the Superman building is deserted. ![]() Others like the idea of the apartments or condos but don't see how the city and state can provide the assistance considering their economic situation. "They should turn it into something that's going to help get more jobs out there for the people, that's about it," says Wendy Bolereo, a Providence resident. So, for a grand total of up to $54 million, Providence will get a couple-hundred high-end apartments.Įveryone has an opinion about the future of the tallest, most prominent and instantly recognizable property in town. ![]() In its proposal to the Legislature, High Rock asked for $39 million of unspecified assistance from the state, and $10 million to $15 million in tax breaks from the city of Providence. So there's real economic impact if they are willing to make the investment and willing to think long term.Ī company called High Rock Development took ownership of the Providence landmark on May 1 and presented a controversial proposal to turn the office building into luxury apartments.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |