PROVIDENCE, R.I. – August 25, 2026 – Governor Dan McKee, Chair of the Rhode Island Commerce Board, announced that the board awarded economic development incentives to 111 Westminster Street, also known as the “Superman Building,” and SEACORP.
The Superman Building has been awarded $5 million through the First Wave Closing Fund, and the Board voted to implement the sales and use tax rebate authorized by the General Assembly under the Rebuild Rhode Island program. SEACORP has been awarded $1 million in Qualified Jobs Tax Credits.
Economic Development: Superman Building Revitalization
“This award continues our momentum by expanding access to housing while revitalizing a historic Providence landmark,” said Governor McKee, adding that the project should generate a significant number of construction jobs.
“With these board actions, Rhode Island has the opportunity to bring the Superman Building back to life,” said Secretary of Commerce Stefan Pryor. “Doing so will restore an iconic element of Providence’s skyline and will bring more feet to the street – infusing our capital city with additional energy.”
111 Westminster Street, also known as the “Superman Building,” is a historic office tower in Providence that was built in 1928. Vacant since 2013, the board previously awarded $22.8 million in incentives through the Rebuild Rhode Island Tax Credit Program ($15 million) and First Wave Closing Fund ($7.8 million) in 2022 for the building to be converted into residential and commercial space. The current proposal would turn the building into approximately 308 mixed-income residential units, including affordable and workforce units.
Through a new agreement under the Rebuild Rhode Island Tax Credit Program, the Commerce Corp. Board approved the implementation of up to $4.5 million in sales and use tax rebates. In 2025, the General Assembly amended the Rebuild program to allow a sales and use tax rebate in addition to a maximum award ($15 million) under the program.
The board also approved a new $5 million agreement under the First Wave Closing Fund. This funding will help close the financing gap for the project and enable the developer – and the state – to leverage significant federal ($160+ million) and private financing in redeveloping this iconic building.
New Jobs and Business Growth: SEACORP Company Expansion
“These investments demonstrate what’s possible when we put Rhode Island’s economic development tools to work,” said Governor McKee. “These incentives will help create good-paying jobs and support Rhode Island’s continued growth in the Blue Economy.”
“Commerce welcomes the expansion of SEACORP right here in the Ocean State,” said Secretary of Commerce Stefan Pryor. “This Rhode Island-based company is driving innovation, creating jobs for Rhode Islanders, and contributing to our state’s growing ocean tech and defense sectors.”
Founded in 1981, SEACORP is a Middletown, Rhode Island-based defense technology and engineering company that specializes in submarine and maritime systems. Through an agreement under the state’s Qualified Jobs Tax Credit Program, SEACORP will receive an estimated $1 million in tax credits over 10 years to create at least 53 new jobs in Rhode Island with a median salary of $100,000/year.
“SEACORP is proud to continue growing our operations here in Rhode Island,” said Roy Kapani, SEACORP CEO and Dave Cadorette, SEACORP President. “With a strong ocean tech ecosystem and skilled workforce, our investment alongside Commerce’s Qualified Jobs incentive will enable us to create new, high-quality jobs while strengthening our ability to develop the innovative defense solutions that support our nation’s security.”
Contact: Giselle Mahoney
(401) 545-0626
giselle.mahoney.ctr@commerce.ri.gov
111 Westminster Street – Summary Sheet
WHAT:
The RI Commerce Corporation Board was asked to approve the following to High Rock Westminster Street, LLC's redevelopment of 111 Westminster Street, Providence, known as the “Superman Building”:
- Implementation of sales and use tax rebate under the Rebuild RI Tax Credit Program (up to $4.5 million)
- Amended in 2025 by the General Assembly to allow a sales and use tax rebate in addition to a maximum award under the Rebuild Rhode Island Tax Credit Program
- $5M First Wave Closing Fund financing
DETAILS:
The additional $5 million First Wave investment will close the financing gap for this project and enable the developer – and the state – to leverage significant federal ($160+ million) and private financing in redeveloping – and revitalizing – this iconic building and surrounding area.
| Metric | 2022 | 2026 | Change |
| Total project budget | $223.1M | $326.8M | +$103.7M / +46.5% |
| Developer equity | $32.1M | $51.6M | +$19.5M / +60.7% |
| Federal financing being sought | $160M + | ||
| Housing units | 285 | +/- 308 | +23 units / +8.1% |
| Affordable and workforce units (low income, average income, and moderate income) |
57 | +/- 61 | +4 units / +5.3% |
2022 COMMERCE FUNDING:
In May 2022, the RI Commerce Corp. Board approved an incentive package of $15 million in Rebuild RI and up to $7.8 million in First Wave.
FEATURES OF THE PROJECT:
- Commerce contributions leverage over $160 million in federal financing (once approved by USDOT)
- Funding is not provided until the project is completed and there is a certificate of occupancy
- 20% of housing units are for affordable and workforce housing
- LEED certified
- $500,000 donation to Crossroads, payable over 10 years
