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« Teachers rescue unconscious Cranston 7th grader | Today | Assembly cancels sessions to attend senator's services » January 28, 2008'Superman' building in downtown Providence is sold
PROVIDENCE -- The Inland Real Estate Corporation has sold the Art Deco-style Bank of America tower, known locally as "the Superman building," to High Rock Westminster Street LLC, a company affiliated with Compass Realty Associates in Burlington, Mass., according to the broker, NAI Hunneman Commercial. The deal closed on Friday, Jonathan Aron, a vice president at NAI Hunneman, said. High Rock paid $33 million. “It’s such a landmark building,” Aron said. “It’s such an identifiable building in Providence.” The Superman reference, for those of a certain age, stems from the similarity to the Daily Planet building, workplace of Clark Kent, aka Superman, in the 1950s TV series about the comic-book hero. Posted by Benjamin N. Gedan CommentsValue of old construction | January 28, 2008 10:15 PM link Post a commentPlease be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish. |
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ProJo 9 to 5 News Blog
Oct 2005 - March 2006
It's hard to believe that the building was sold for just $33 million.
Just a few days ago a ProJo article mentioned that
in 2006, the General Assembly appropriated $31 million to build a new School for the Deaf for all 105 students, but difficulties in finding a location have delayed the project. (http://www.projo.com/news/content/SCHOOL_FOR_THE_DEAF_01-14-08_O08IL3U_v97.29556ba.html)
That's a whopping $295,238 per student -- enough to buy each of them his own house! Heck, each student could have his own floor of the Superman building!
Is it any wonder that the state is in hock up to its eyeballs when every new construction project is a gigantic feeding trough, totally out of line with the cost of existing real estate?