No Welfare for the Superman Building


Meanwhile, with all eyes on Smith Hill and the unfolding Gallison scandal, good catch by the Providence Business News, which reports that the owners of the Superman Building will hold a press conference tomorrow.

A host of business, labor and community leaders on Thursday are holding a press conference to talk about the redevelopment of the so-called Superman Building at 111 Westminster St., Providence, which has been vacant for about three years.

The PBN reports that, ominously, the owner of the building has been talking to the state Office of Corporate Welfar … er, the R.I. Commerce Corporation.

The development team has been in discussions with the R.I. Commerce Corp. for the past four months, according to Fischer, and while he characterizes those meetings as productive, no finalized deal has emerged.

Honest to pete, if I had the time, I would picket this press conference. (Potential chant: “Hey hey! Ho ho! Corporate welfare has got to go!”)

Not one taxpayer dime, state or local, should go to redevelop the Superman Building. State and local taxpayers already carry a heavy burden due to the state’s tax-base shrinking abysmal business climate. It is out of the question to add to that an attempt to compensate property owners for real estate values diminished by that exact same business-repulsing tax and regulatory climate.

  • stuckinRI

    “Fischer says it’s going to take a collaborative effort from the city, state and private sectors to make it happen” … Uhm, how about “NO”, as in NO city and state $$.

  • Tlopardo

    Taxpayers in RI need to remember when Gov Chafee offered to lease the “Superman” building for 20 years and put 500 well paid state workers in there and the arogant POS Hedge Fund owner told him to go pound sand. He said he would rather turn out the lights. Anybody in their right mind would kill for a 20 year triple net lease with the State. He should sell the building at whatever the market value is now and take a loss in the Hedge Fund. Then he can write it off on his taxes. The new owners won’t need a taypayer bailout because they will be paying 20 or 30 million less on the purchace price!