Latest news with #BrettSmiley
Yahoo
13-06-2025
- Business
- Yahoo
Superman Building owner seeks new tax break. Will it be enough to complete its renovation?
The owner of Providence's long-vacant "Superman Building" says a tax break being considered by lawmakers is "the last piece of the puzzle" needed to restart construction and turn the defunct office tower into snazzy new apartments. The tax break sought by Providence Mayor Brett Smiley and building owner David Sweetser's High Rock Development would exempt construction materials on the Superman Building redevelopment while allowing the owner to claim the maximum $15 million tax credit under the Rebuild Rhode Island program, the state's primary development incentive. Current law doesn't allow property owners to get a sales tax exemption while claiming the full $15 million Rebuild credit. The Senate Finance Committee was slated to vote on the legislation, S1002, on May 27 but rescheduled the vote until Thursday so that it could be amended. It was not immediately clear what specific changes were in the works. An identical House version of the bill, H5741, received a hearing in early April and has not moved since. Although the legislation doesn't mention the Industrial Trust Tower, or Superman Building, by name, there's little doubt that the state's art deco skyline landmark and tallest building was the inspiration. The only projects that qualify for the new break have to include housing units with at least 20% of them reserved for residents making no more than 80% to 120% of the area median income. The deal struck by Sweetser and state leaders back in the spring of 2022 specified that at least 20% of units would be deed-restricted for people making between 80% and 120% of the average median income. The original 2022 deal between Sweetser, Gov. Dan McKee, then-Mayor Jorge Elorza and House and Senate leaders included a roughly $65 million public financing package, of which $26 million would come from the state, $15 million from Providence and $24 million from the federal government. (This does not not include the 30-year city property tax treaty.) Rhode Island Commerce estimates that the sales tax exemption would give High Rock an additional $4.6 million in savings. In exchange for those state and local incentives, High Rock promised to transform the former bank headquarters into a mixed-use residential tower with 285 rental apartments. Over the following three years, High Rock has pulled construction permits, displayed model units and began demolition work on the art deco landmark, but work eventually stalled with little idea of what it would take to complete the conversion. "Since 2022, construction inflation has only increased the costs of financing this worthy project," Nicholas Hemond, lobbyist for High Rock, wrote in a May letter to the Senate Finance Committee. "This legislation, together with existing programs at the local, state, and federal level, is the last piece of the puzzle towards getting this project back on the track to completion as was contemplated in 2022." High Rock in 2022 said the redevelopment of the Superman Building would cost $285 million and has not publicly updated that estimate to reflect inflation and other cost increases since then. Outside the Senate Finance hearing room, Smiley told The Journal that the last update he had received from High Rock suggested there was still at least a $10 million financing gap for the conversion project. "That's not to say that if this passes the hammers start swinging tomorrow, but we've been told by them that this is a piece of the puzzle," Smiley said. "This is sales tax on construction materials that will never be received if the project never moves forward, so I think it is a financially responsible way to provide a little assistance." The bill is also supported by state construction unions and the business-backed Providence Foundation. Before seeking the sales tax exemption, High Rock was pursuing federal grants for transit-oriented developments. It is unclear if those are still in the funding mix. "There are many complicated layers to financing this project, but this piece would go a long way towards developing this meaningful project for the City of Providence and the State of Rhode Island," Hemond wrote in support of the legislation. "We hope to see you all at the ribbon cutting when the project is done and life returns to the City's center piece forever." This article originally appeared on The Providence Journal: Superman Building owner seeks new tax break. Will it be enough?
Yahoo
10-06-2025
- Business
- Yahoo
Smiley: Providence in ‘very preliminary' talks with Matunuck Oyster Bar
PROVIDENCE, R.I. (WPRI) — If there's a way for Providence to help a beloved Rhode Island oyster bar, Mayor Brett Smiley said the city stands ready to do so. In the wake of a devastating fire at Matunuck Oyster Bar in South Kingstown last month, several fundraisers have been launched and community members have been offering help to the iconic restaurant. RELATED: Rhode Islanders distraught by fire at beloved oyster bar Smiley said the city has had 'some original conversations' with the bar's owner, but they were 'very preliminary.' 'I reached out immediately to the business owner, who I know, and told them if there was a way that Providence could play a role in either a short-term or a long-term solution to the tragedy, that we wanted to do so,' Smiley told 12 News on Monday. 'Most importantly, there's 300 people who work at the oyster bar who don't have jobs right now, and we want to make sure that they find work and that that treasured Rhode Island institution finds a home and can reopen as soon as possible.' Earlier on Monday, The Boston Globe reported that the city's discussions included proposing that the bar open temporarily in Waterplace Park, where Skyline at Waterplace used to be. Skyline at Waterplace had been embroiled in a legal battle with the city since April 2023 when its owners were accused of violating their lease agreement by not keeping the property in good condition. The city's parks department took over management of the building after the city settled with the former owner to evict them. The city finalized that settlement in October. Documents show the city agreed to pay nearly $278,000. In recent months, the city has been showing off the vacant space to interested parties, according to Smiley, who said the city still plans to issue a request for proposal (RFP) sometime this year. 'We're trying to gather feedback from prospective users about what the best use of that facility is,' Smiley added. 'They need us': Fundraisers launched for Matunuck Oyster Bar There are efforts underway to get the oyster bar up and running closer to home. Last Friday, state Rep. Carol Hagan McEntee and Sen. V. Susan Sosnowski introduced legislation that would allow the restaurant to set up outdoor seating in the parking lot across the street. Hagan McEntee's bill is set to be reviewed by the House Committee on Small Business on Tuesday. Sosnowski's companion legislation will also be discussed Tuesday in the Senate Committee on Housing and Municipal Government. Alexandra Leslie (aleslie@ is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook. Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
03-06-2025
- Entertainment
- Yahoo
LIVE: Smiley announces details of this year's PVDFest
PROVIDENCE, R.I. (WPRI) — Providence Mayor Brett Smiley and PVDFest organizers are holding a news conference to announce 'early highlights' of this year's arts and culture festival. The event will be held Sept. 5 and 6, 2025, with a rain date of Sept. 7. Organizers say the festival will transform downtown Providence into a 'dynamic hub of creativity, community and celebration.' Watch the news conference live in the player above. This story will be updated. RELATED: Providence Rink adds new shade structure for summer events Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
02-06-2025
- Business
- Yahoo
Community Focus: Providence Mayor Brett Smiley talks tax increases
EAST PROVIDENCE, R.I. (WPRI) — Providence Mayor Brett Smiley thinks he has the votes in the Rhode Island Senate to raise property taxes in the city past the current 4% cap. Smiley joined 12 News at 4 to talk more about the potential tax increase as well as the future of Providence Place and PVD Fest. Community Focus: RIDOT Director Peter Alviti Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
23-05-2025
- Politics
- Yahoo
Providence mayor issues new policy after turmoil over Palestinian flag
PROVIDENCE, R.I. (WPRI) — Mayor Brett Smiley has signed an executive order creating a new flag policy that requires a more stringent approval process, following a dispute over a recent decision to fly the Palestinian flag over City Hall. According to the order, the city will display flags 'as an expression of the city's official sentiments.' Additionally, flags of governments recognized by the United States can be 'displayed by proclamation of the mayor or by resolution and passed by the Providence City Council for a period of no more than 24 hours unless outlined in the proclamation.' The order also states that 'other flags' may be displayed at official city events or ceremonies for up to 24 hours, also under the same approval process. Smiley's executive order comes just one week after city councilors raised the Palestinian flag at City Hall. The mayor said he first learned about the request from Council President Rachel Miller to raise the flag as he was returning from a weeklong trip to Israel. RELATED: Should Providence City Hall have a flag policy? Mayor Smiley thinks so Smiley said last week that while he would not have flown the flag himself, he approved the council's request because 'Providence is and will remain an inclusive and welcoming city that supports diverse opinions and voices.' Last Friday's ceremony (led by Miller and Councilor Miguel Sanchez) led to a large rally and counterprotest outside City Hall. Dozens gathered on Dorrance Street waving both Palestinian and Israeli flags. 12 News reached out to a Providence City Council spokesperson for comment but did not immediately hear back on Friday. Councilman John Goncalves told 12 News he felt the mayor's order established 'clear guidelines.' 'This thoughtful step brings transparency and consistency while honoring the distinct and diverse communities that make up our city. It's a positive move toward unity in Providence,' Goncalves said. Friday's executive order is Smiley's third ever since taking office. The only other two orders signed by the mayor were to recognize Juneteenth as a holiday for city employees. Alexandra Leslie (aleslie@ is a Target 12 investigative reporter covering Providence and more for 12 News. Connect with her on Twitter and on Facebook. Download the and apps to get breaking news and weather alerts. Watch or with the new . Follow us on social media: Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
