Superman building owner wants historic tax credits

Published on NewsOK Modified: March 26, 2013 at 8:09 pm •  Published: March 26, 2013
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"Downtown Providence is in real need for residential rental space. It's not in dire or desperate need for office space," Fischer said. "When you start to talk about the future of Providence and what it's going to look like in 5 to 10 years ... it makes perfect sense."

Senate President Teresa Paiva Weed is among the lawmakers pushing to bring the historic tax credit program back as a means for economic development in a state with a stalled economy and an abundance of historic and abandoned buildings. Lawmakers are considering a proposal to revive it this year.

"We think the Superman building should be a part of that conversation," Fischer said.

A spokesman for Paiva Weed told the AP that he didn't know whether she supports the project getting tax credits.

Rhode Island is still reeling from a $75 million state loan guarantee it granted in 2010 to 38 Studios, a video game company started by former Red Sox pitcher Curt Schilling that went belly up last year.

Fischer said that unlike 38 Studios, which was run by a baseball player with no business experience, High Rock brings experience in the industry and would make a significant investment in the project.

"We're talking about an investment in downtown Providence, which is really downtown Rhode Island. We're talking about an iconic structure. We're talking about economic development. We're talking about job creation," he said.

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Associated Press writer David Klepper contributed to this report.