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Tuesday, April 9, 2013

"Superman" Building to Go Dark

The building known as the "Superman" building in downtown Providence is about to go dark. The building built in 1927 as the Industrial National Bank Building was at one time the tallest building in New England. The 428 foot art deco edifice is about to go completely dark as its sole tenant Bank of America is vacating the space for more modern offices. The current owners of the building High Rock Development has decided to let the building go dark after BofA moves out rather than "glut" the market with new office space bring down the square foot value of available office space. The 85 year old building one of the most distinctive parts of the Providence skyline called the "Superman" building because of its similar look to the "Daily Planet" in the old "Superman" series.
Providence's economy has be devastated in the current economic decline with a very high (9%) unemployment rate. The darkening of the building and its 27th floor beacon are just another example sad times. High Rock Development would like to get the okay and tax credits to turn the historic office tower into luxury apartments. If there is no business who will be buying these luxury apartments?

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