Survival to Its Centennial in Doubt. Robert Whitcomb, Columnist, GoLocalProv
Providence’s Industrial Trust Building (aka “Superman Building”), a classic Art Deco skyscraper opened in 1928, has been empty and decaying since 2013. It has certainly garnered a lot of attention, such as on The Wall Street Journal’s front page on Oct. 6. But despite the romantic affection that many have for it, we should accept that its most likely future might well be demolition, despite the work that’s been done, with major public financing, to try to repurpose it, mostly for 285 housing units.
Providence could always use more housing, and the people from 285 units would be a big economic and sociological boost for downtown.
But much more money is needed! So far, about $100 million in federal, state and local subsidies and tax incentives has been spent on the building and tens of millions by the owner, High Rock Development, though the total amount it has spent remains a mystery; it bought the place in 2008 for $33.2 million.
The economic and interior-design challenges of big old downtown buildings make them very tempting to tear down, and public fatigue is setting in when it comes to spending more tax money on the Industrial Trust Building. (A billionaire architectural historian who loves Jazz Age buildings is unlikely to show up to save it.)
Note that a beautiful Belle Epoque building called the Butler Exchange, which went up in 1871, was at the same site. It was demolished after a fire did heavy damage to it in 1925. With the Industrial Trust Building, will we end up with what economists sometimes call “creative destruction’’ or just destruction and a big hole in the ground?