Industrial National Bank Building

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Industrial National Bank Building
Industrial Trust Building Providence RI.jpg
Industrial National Bank Building
Former namesIndustrial Trust Tower, Fleet Bank Building, Bank of America Building
Alternative namesSuperman Building, Industrial Trust Building
General information
StatusVacant since 2013
Location111 Westminster Street, Kennedy Plaza, Providence, Rhode Island, United States
Coordinates 41°49′28″N71°24′39″W / 41.824553°N 71.410696°W / 41.824553; -71.410696
Construction started1925
Completed1928
OwnerHigh Rock Development
Height
Roof428 ft (130 m)
Technical details
MaterialLimestone exterior/steel framework
Floor count26
Design and construction
Architects Walker & Gillette
George Frederic Hall
DeveloperIndustrial Trust Company

The Industrial National Bank Building is a disused office building at 111 Westminster Street or 55 Kennedy Plaza in downtown Providence, Rhode Island, United States. It was built in 1928 as the Industrial Trust Co. Building, and was designed by the New York firm of Walker & Gillette. At 428 feet (130 m) with 26 floors, it is the tallest building in Providence and the state of Rhode Island, [1] and the 28th tallest in New England; [2] when it was completed it stood several stories higher than the recently finished Biltmore Hotel nearby. [3]

Contents

Known through the years as the "Fleet Bank Tower", the "Bank of America Building", and, most recently, "111 Westminster", locally it is commonly referred to as the "Superman Building", supposedly because of its visual similarity to the headquarters of the Daily Planet newspaper as represented in The Adventures of Superman TV series of the 1950s.

The building has been vacant since Bank of America moved out in April 2013. [4] An estimate in 2016 was that it would take $115 million to rehabilitate the building. Requests for public financing were rejected in 2017. Work began in November 2023 to renovate the building for residential use, with a promised 285 residential units, including 57 affordable units.

Early history

Butler Exchange under construction.jpg
The Butler Exchange Building under construction (1872)
Butler Exchange, c 1920.jpg
The Butler Exchange Building (c. 1920)

Butler Exchange Building

Before the current building was erected, the site was the location of the six-story Butler Exchange Building. Located at 55 Exchange Place and constructed in 1872, the land was purportedly deeded by the heirs of the original Samuel Butler. [5] Due to address changes across the city, by 1913 it bore the address 123 Westminster. [6] The 1872 building housed the Rhode Island Commercial School which was purchased and merged into Bryant & Stratton College in 1916, the forerunner of Bryant University. It housed many retail businesses such as Dodge and Camfield, importers and grocers; A. & L. Tirocchi Gowns; and the Waite Auto Supply Company. [7] The Providence Ladies' Sanitary Gymnasium was also a tenant. After a devastating fire, the Butler Exchange Building was demolished in 1925, to make way for a new tower. Though the community did not like the plans for the building because of its height, construction materials, and design [8]

Industrial Trust Company

Commissioned in 1925 by the Industrial Trust Company – founded in 1886 by Samuel P. Colt – the current building was constructed in 1927-1928. during the inter-war boom period as the Industrial Trust Tower. Designed in the Art Deco style popular at the time, the building opened for tenants on October 1, 1928.

It was renamed the Fleet Bank Tower when Industrial Trust changed its name to Fleet Financial Group in 1982. [9] It remained Fleet's headquarters until Fleet merged with Shawmut National Bank in 1995 and moved to Boston. Fleet retained ownership of the building even after it merged with BankBoston as FleetBoston Financial in 1998.

In 2004, FleetBoston Financial was acquired by Bank of America, and the building became the Bank of America Building. [10] In 2007, Bank of America invested $7 million in a new sprinkler and fire safety system. [11] [12] The building was purchased in 2008 by High Rock Development of Massachusetts for $33.2 million. [10] [13] At the time, Bank of America was the building's sole tenant and utilized about half the building. [11] David Sweetser, who led High Rock Development, [14] initially anticipated that he would be able to use the building as an office skyscraper and lease out the other space. [9]

Vacancy and redevelopment

In 2011, media reports speculated that Bank of America would move out at the end of its ten-year lease. [15] In 2012, Bank of America, still the sole tenant, decided not to renew its lease, [11] at which point it used only 20% of the building. [16] The bank vacated the building in 2013, leaving it empty; [10] [16] the move took Sweetser by surprise, since he expected the bank to renew its lease. [9] An independent appraisal was completed in 2012, and in 2014 the Providence group Scotti and Associates used that appraisal to decide that the building had "no value." [17] The Wall Street Journal wrote in 2025 that the building's prolonged abandonment had negatively impacted economic activity around Providence City Hall. [9]

Lawsuit

In 2013, High Rock sued Bank of America for millions of dollars, claiming that the bank had neglected upkeep of the building and left it in a deteriorating state. The building is pockmarked with gaps of missing limestone, and is surrounded by scaffolding to prevent injuries to passers-by. [1] High Rock brought suit in the United States District Court for the District of Rhode Island, claiming that the bank failed to meet its repair and replacement obligations under a long-term lease, rendering the building unleasable. High Rock sought up to $54 million in damages. The bank brought a counterclaim seeking recovery of monies spent removing furniture from the building after the lease expired. The counterclaim was subsequently dismissed by the court (Smith, J.), [18] and the case was scheduled for trial in May 2017. Shortly after jury empanelment, the bank settled the suit on confidential terms. [19] [20]

Redevelopment efforts

Initial efforts

When Bank of America moved out, High Rock initially wanted to convert the building to apartments. [16] In 2013, it requested up to $15 million in tax credits from the city and $39 million in funding from the state. [21] [22] High Rock's request was turned down, [1] [23] in part because an unprofitable loan to 38 Studios in 2012 had turned public sentiment away from public funds. [11] [24] Sweetser tried to lease the Industrial Trust Building to companies such as Samsonite or Citizens Bank, both of which declined the offer after seeing the building's dilapidated condition. [9]

The next redevelopment proposal came in 2016 after Sweetser unsuccessfully spent a year negotiating with Citizens Bank. [23] [24] This alternative four-year plan that would require $40 million in new funding for the rehabilitation of the tower into a mix of uses that include retail, business and 285 residential units. [25] The proposals were met with mixed reaction with several individuals noting High Rock Development has $200 million available to put toward rehabilitation but has declined to do so. [26] [27] [28] It was estimated that at least $115 million would be needed to rehabilitate the building. [11] The building opened to the public for limited free tours during mid-2016. [29]

In December 2017, Paolino Properties and Gilbane Development announced a plan that would involve demolishing the building and replacing it with a new 36-story building housing Hasbro's headquarters. [30] [31] There was still no definite plan for the building by the next year. [32] A representative of High Rock said in February 2019 that the owners were maintaining the building, even though drone footage from a local news source showed that the facade was visibly deteriorating. [33] Due to the building's continued abandonment, the National Trust for Historic Preservation placed the building on a list of America's Most Endangered Places in 2019. [34] [35] The Industrial Trust Building also appeared on the Providence Preservation Society's list of most endangered places multiple times. [36]

2020s efforts

The building was nearly auctioned off in 2021 after High Rock failed to pay back taxes, but the auction was averted after High Rock pledged to pay the taxes. [37] [38] That year, High Rock reportedly submitted plans to the Rhode Island government to convert the building into a 285-unit apartment structure. [39] In April 2022, officials including Governor Dan McKee announced plans to convert the Industrial National Bank Building into 285 residential units, at a cost of $220 million. [13] [40] One-fifth of the units would be affordable. Though the building would be mostly residential, it would also include community space, 8,000 square feet (740 m2) of offices and a banking hall covering 26,000 square feet (2,400 m2). [40] That October, a panel of the Providence City Council approved a proposed tax treaty that would allow High Rock to save $29 million over a 30-year period. [41] [42] The full City Council approved the tax treaty the next month. [43] [44] The city government also offered to give the developers a $5 million grant and $10 million loan, and the state government offered $26 million, all conditional on a certificate of occupancy being issued. [13] [45]

In October 2023, High Rock Development requested building permits from the Providence city government, in preparation for an apartment conversion. [46] [45] Consigli Construction was selected as the general contractor for the project. The first phase, which entailed interior demolition and asbestos abatement, would cost approximately $25 million and would take six to nine months. This phase would not involve the use of any public funds, and noted that their plans were to be carried out as a "top-down process beginning on the upper floors of the building". [47] Work began the next month to renovate the building for residential use. [48] The cost of renovation had increased to $270 million by late 2024 due to inflation, increased interest rates, and increases in construction expenses. [49] [50] Early the next year, the United States Department of Transportation determined that the building qualified for a federal loan of up to $236 million. [9] [51]

High Rock and Providence Mayor Brett Smiley requested in May 2025 that the Rhode Island General Assembly modify the state's tax code. [49] [52] The modification was approved shortly afterward, exempted the project from $4.6 million in sales taxes for construction materials. [9] [9] Sweetser died that July, creating uncertainty over whether the project would proceed, [14] since High Rock did not have a clear leader or any other properties in Providence. [9] The next month, Michael Crossen of High Rock took over the conversion. [53] [54]

Historic plaque Industrial Trust Building plaque, Providence RI.jpg
Historic plaque

Architecture

The building alongside other Providence structures Providence structures.svg
The building alongside other Providence structures

The building was a steel-frame structure sheathed in Indiana limestone, with Deer Isle granite at its base. The tower was advertised as "A Business Building for Building Business". [55] It has six wings stemming from a central tower.

Form and facade

The Industrial Trust Building rises 26 stories ans measures 428 feet (130 m) tall. [16] It has setbacks at floors 5, 12, 14, 17, 18, 26 and 30, which form the building's distinctive profile. [56] The setback style originated in Manhattan, New York City, in response to the 1916 zoning law which sought to increase the amount of air and light in downtown Manhattan, but when this building was being planned in late 1925 or early 1926, very few buildings of this type had been built elsewhere in the U.S. [3] There were no such zoning restrictions in Providence. [56] Nevertheless, New York architects Walker & Gillette chose to include the innovative symmetrical stepped massing, with the assistance of local architect George Frederic Hall. [56] [57] Starrett Corporation was the general contractor. [57]

The base and the trim at the base's top were built to match the cornice height of existing adjacent (now gone) four-story buildings. [58] It was among the tallest buildings in New England when completed, and ranked third after its construction to the 1919 Travelers Tower (at 527 feet/161 m) in Hartford, Connecticut, [59] and the 1915 expansion of the Custom House Tower, at 496 feet (151 m), in Boston. The majority of relief art is found on the cornice of the tower's base, where there are 16 carved panels and depictions of the Providence and Rhode Island seals. [60]

Interior

A ground-level hall runs through the building from Westminster Street to Fulton Street. Staircases at either end of the hall descend to the first basement level, while a wide marble staircase ascends to a three-story-high banking room on the first floor, just above ground level. [60] The first basement had offices for the Rhode Island Safe Deposit Company, [60] and a second basement below it included a safe-deposit vault. [57] The first-floor banking room had black-marble pillars, counters with bronze grilles, and 40 tellers' windows. A balcony ran across the banking room, leading to men's and women's lounges with fireplaces at either end. The banking room had white-and-gray floors and walls, with red and black squares embedded into the floor. The ceiling had red and gold decorations and three domes, each with an elaborate chandelier. A multicolored frieze with medallions surrounded the top of the walls. [60]

The upper-story offices were accessed from the southeast. [57] The 26th floor hosted the executive office of Industrial Trust Company. The suite contains secretary staff common areas, dining room and offices. A stairway leads to the higher north-face 29th level private 'dining car' or Gondola room designed to resemble the gondola of an airship; the room contains a wine closet and dark leather details. A peregrine falcon nest box is located in the area. [55] The 28th and 29th floors contain a gravity water-service system; two large tanks on these levels feed the building. The 29th floor contains a lavatory for service to the Gondola rooms and adjoining balconies.

The metal doors and trim were manufactured by Dahlstrom Metallic Door Company of Jamestown, New York. Some of the street-level doors possess relief art of eagles in brass. The original glass of the beacon was of a green hue, and topped with a decorative globe, surrounded by a circle of stone eagles weighing 7.5 tons (6.8 tonnes). In 1932, it was damaged and repaired after a lightning strike. [61]

See also

References

  1. 1 2 3 Mooney, Tom (February 17, 2017). "Crumbling face of an icon: Can 'Superman' be saved?". The Providence Journal. Retrieved February 19, 2017.
  2. ↑ "SkyscraperPage.com" . Retrieved May 19, 2016.
  3. 1 2 Woodward, Wm. McKenzie (2003). PPS/AIAri Guide to Providence Architecture. Photography by William Jagger Photography (1st ed.). Providence, Rhode Island: Providence Preservation Society and American Institute of Architects Rhode Island Chapter. ISBN   0-9742847-0-X.
  4. ↑ "Rhode Island's 'Superman Building' Will Soon Go Dark". WBUR. Associated Press. April 7, 2013. Retrieved April 4, 2019.
  5. ↑ "Industrial Trust Company, Providence" . Retrieved May 19, 2016.
  6. ↑ The Providence House Directory and Family Address Book, 1913. Providence: Sampson & Murdock Co. 1912. p. 819.
  7. ↑ "Bryant & Stratton R.I. Commercial School : Butler Exchange". Historical Images of Bryant University. January 1920. Retrieved May 19, 2016.
  8. ↑ Fenton, Josh. "Dateline 1924: Don't Let Them Build That Horrible Industrial Bank Building — It Is Simply Too Tall". GoLocalProv. Retrieved July 15, 2022.
  9. 1 2 3 4 5 6 7 8 9 Grant, Peter (October 7, 2025). "The Landmark U.S. Office Buildings That Are on Life Support". The Wall Street Journal. ProQuest   3257600396 . Retrieved October 9, 2025.
  10. 1 2 3 Abbott, Elizabeth (October 29, 2013). "The Superman Building in Providence, Now Dark, Is in Need of a Savior". The New York Times. Retrieved February 19, 2017.
  11. 1 2 3 4 5 Pacitti, Tony (October 18, 2016). "Can the Superman Building Be Saved? Both sides of the debate weigh in on reviving Providence's iconic skyscraper". Providence Monthly. Retrieved February 19, 2017.
  12. ↑ "Inside The Superman Building". WPRO (AM). Archived from the original on May 12, 2014. Retrieved August 28, 2021.
  13. 1 2 3 Nesi, Ted; Machado, Steph; Sherman, Eli (April 12, 2022). "RI leaders roll out $220 million plan to renovate 'Superman' building". WPRI.com. Retrieved October 9, 2025.
  14. 1 2 Cerullo, Mike (July 23, 2025). "Developer's death leaves future of Superman building unclear". WJAR. Retrieved October 9, 2025.
  15. ↑ "GoLocalProv - The Superman Building: Downtown's Ticking Time Bomb". GoLocalProv. Retrieved May 19, 2016.
  16. 1 2 3 4 "Superman building a victim of economy; ? Rhode Island's tallest building will be empty as Bank of America moves out this month". The Times - Transcript. April 8, 2013. p. C.2. ProQuest   1324377603.
  17. ↑ Nagle, Kate (September 26, 2014). "Superman Building Has Zero Value, Appraisal Shows". GoLocalProv.
  18. ↑ High Rock Westminster Street LLC v. Bank of America, N.A. Opinion and Order, United States District Court for the District of Rhode Island, 6 August 2014. Retrieved 29 August 2017.
  19. ↑ Nesi, Ted (May 8, 2017). "BofA settles lawsuit over Superman building". WPRI.com. Retrieved October 9, 2025.
  20. ↑ Mooney, Tom (May 8, 2017). "Superman building lawsuit settled". The Providence Journal. Retrieved October 9, 2025.
  21. ↑ "Boom Or Bust? Saving Rhode Island's 'Superman' Building". NPR. May 19, 2013. Retrieved October 9, 2025.
  22. ↑ Grimaldi, Paul (May 21, 2013). "Owner of Superman building in Providence presses case for government subsidy". The Providence Journal. Retrieved October 9, 2025.
  23. 1 2 Bramson, Kate (May 5, 2016). "Providence developer: It's time to restore 'Superman' building". The Providence Journal. Retrieved October 9, 2025.
  24. 1 2 The Associated Press (May 5, 2016). "Development team seeks state's help to renovate Providence's iconic Superman building". Boston.com. Retrieved October 9, 2025.
  25. ↑ "'Superman' developer alters bid for state aid". providencejournal.com. Retrieved May 19, 2016.
  26. ↑ High Rock Development Closes $50 Million Fund, High Rock Fund I will be able to invest up to $200 million. Archived 2014-04-29 at the Wayback Machine
  27. ↑ Fenton, Josh. "Superman Building Has Been Vacant for 8 Years — Is There Any Hope?". GoLocalProv. Retrieved August 28, 2021.
  28. ↑ Mooney, Tom. "Providence's 'Superman Building' listed as one of nation's most endangered places". providencejournal.com. Retrieved August 28, 2021.
  29. ↑ "Providence 'Superman Building' Is Opening For Free Tours". CBS Boston. July 19, 2016. Retrieved October 9, 2025.
  30. ↑ Fenton, Josh (December 12, 2017). "UPDATED: Plan to Build Hasbro Headquarters in Providence—Demo Superman Building". GoLocalProv. Retrieved October 9, 2025.
  31. ↑ Sperance, Cameron (December 12, 2017). "Superman Tower In Providence To Come Down In Hasbro HQ Proposal". Bisnow. Retrieved October 9, 2025.
  32. ↑ Nesi, Ted (November 21, 2018). "Still no plan to save landmark 'Superman' building, empty for 5 years". WPRI.com. Retrieved October 9, 2025.
  33. ↑ "Will Coronavirus Pandemic Kill Fane Tower and Rehab of Superman Building?". GoLocalProv. July 20, 2020. Retrieved October 9, 2025.
  34. ↑ ""Superman" Building added to America's 11 Most Endangered Historic Places". NEREJ. Retrieved October 9, 2025.
  35. ↑ Clarke, Chevaz (May 30, 2019). "Superman building among America's most endangered places". CBS News. Retrieved October 9, 2025.
  36. ↑ "Superman Building tops list of Providence's most endangered properties". The Providence Journal. February 1, 2022. Retrieved October 9, 2025.
  37. ↑ The Associated Press (August 3, 2021). "Owner of Superman building pledges to pay back taxes". WJAR. Retrieved October 9, 2025.
  38. ↑ Mooney, Tom (August 2, 2021). "Unpaid taxes almost cost Providence Superman building owners the deed". The Providence Journal. Retrieved October 9, 2025.
  39. ↑ Gagosz, Alexa (February 3, 2022). "Providence's 'Superman' building owners could be close to making a deal with state officials". BostonGlobe.com. Retrieved October 9, 2025.
  40. 1 2 Belmore, Ryan (April 12, 2022). "$220 million redevelopment project planned for Providence's 'Superman Building'". What's Up Newp. Retrieved October 9, 2025.
  41. ↑ Cowperthwaite, Wheeler (October 18, 2022). "Finance committee approves $29 million agreement for Superman tower". The Providence Journal. Retrieved October 9, 2025.
  42. ↑ Machado, Steph (October 17, 2022). "Council panel approves millions in tax breaks for Superman building". WPRI.com. Retrieved October 9, 2025.
  43. ↑ Cowperthwaite, Wheeler (November 4, 2022). "Providence approves 'Superman' building tax treaty for $29 million". The Providence Journal. Retrieved October 9, 2025.
  44. ↑ Lavin, Nancy (November 3, 2022). "City Council approves $29M tax treaty for 'Superman' redevelopment project". Providence Business News. Retrieved October 9, 2025.
  45. 1 2 "Restoration work on 'Superman' building expected to begin this month". WJAR. October 5, 2023. Retrieved October 9, 2025.
  46. ↑ Anderson, Patrick (October 5, 2023). "'Superman Building' work to turn it into apartments starting up". The Providence Journal. Retrieved October 9, 2025.
  47. ↑ "Superman Building Owners to Begin $25M "Demolition Process" This Month". GoLocalProv. October 5, 2023. Retrieved October 9, 2025.
  48. ↑ Crowley, Leah. "Renovations underway inside Providence's Superman building". WPRI. Retrieved February 25, 2025.
  49. 1 2 Lavin, Nancy (June 3, 2025). "Redevelopment of Providence 'Superman' Building Hinges on Changing State Tax Credit Program". Ocean State Media. Retrieved October 9, 2025.
  50. ↑ Castellani, Katie (January 24, 2025). "Smiley has proposal to help 'Superman Building' overhaul get past money pinch". Providence Business News. Retrieved October 9, 2025.
  51. ↑ Gagosz, Alexa (August 15, 2025). "Redevelopment of Providence's 'Superman' building to continue after owner's death". BostonGlobe.com. Retrieved October 9, 2025.
  52. ↑ Anderson, Patrick (May 28, 2025). "Superman Building owner seeks new tax break. Will it be enough?". The Providence Journal. Retrieved October 9, 2025.
  53. ↑ Lavin, Nancy (August 15, 2025). "Superman building owners tap new leader to continue redevelopment plans • Rhode Island Current". Rhode Island Current. Retrieved October 9, 2025.
  54. ↑ Lavin, Nancy (August 15, 2025). "Superman building owners tap new leader to continue redevelopment plans • Rhode Island Current". Rhode Island Current. Retrieved October 9, 2025.
  55. 1 2 "Storied Providence Skyscraper, Now Empty, Seeks a Future". The New York Times. November 13, 2013. Retrieved May 19, 2016.
  56. 1 2 3 "Providence Architecture - Locations - Industrial Trust" . Retrieved May 19, 2016.
  57. 1 2 3 4 "New Building of the Industrial Trust Company of Providence. R. I.". Bankers' Magazine. Vol. 114, no. 2. February 1927. p. 312. ProQuest   124393499.
  58. ↑ Woodward, Wm McKenzie. Guide to Providence Architecture. 1st ed. United States: 2003. ISBN   0-9742847-0-X. p. 101.
  59. ↑ Travelers Tower, Hartford, Connecticut [ usurped ] Emporis
  60. 1 2 3 4 "New Industrial Trust Tallest Building in New England: Outgrown Four Homes Innovations in Service". Bankers' Magazine. Vol. 117, no. 6. December 1928. p. 1054. ProQuest   124380055.
  61. ↑ "Industrial Trust Company". Providence Public Library. Archived from the original on April 13, 2014. Retrieved May 19, 2016.
  62. ↑ "Edward Fitzpatrick: Look! Up in the air! The 'Superman building' is vacant another year!". The Providence Journal. January 2, 2016. Retrieved September 11, 2017.
  63. ↑ "Superman co-creator has humble Canadian roots". CTV Television Network. Archived from the original on October 13, 2007. Retrieved July 25, 2007.
  64. ↑ The Haunter of the Dark
  65. ↑ Friday “Picture Postals” from Lovecraft: the Industrial Trust Building
  66. ↑ Keister, Rebecca (August 15, 2017). Secret Providence: A Guide to the Weird, Wonderful, and Obscure. Reedy Press LLC. p. 3. ISBN   978-1-68106-106-1 . Retrieved October 9, 2025.
Preceded by Tallest Building in Providence
1927–present
130 m		Succeeded by
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