PROVIDENCE — So what now for the Superman building, Rhode Island’s vacant tower to past prosperity?

Lawyers in the $54-million lawsuit over the skyscraper’s deteriorated conditions reached a settlement on the eve of the case going to trial on Monday, said U.S. District Chief Judge William E. Smith.

In a joint statement, representatives of High Rock Westminster Street LLC and the building's last tenant, Bank of America, said the settlement results were confidential. The lawyers went on:

“The parties are pleased to have settled the lawsuit and claims concerning the lease of 111 Westminster Street in Providence. High Rock looks forward to exploring options to make the most of its ownership of the building. Bank of America looks forward to continuing its long-standing partnership with the City and people of Providence.”

As news of a settlement circulated Monday, Gov. Gina Raimondo said she thought it reasonable that the monetary details of any settlement be made public considering the building's owner has asked for taxpayer subsidies over the years to help redevelop the 26-story skyscraper.

Raimondo said it was unclear what a settlement might mean for the future of the 89-year-old downtown icon, now vacant for four years.

“For my part, we continue to market the building as aggressively as we can,” the governor said, adding that any redevelopment would probably include mixed uses with one or two anchor commercial tenants.

“We are talking to a lot of different folks …. I can’t tell you I have anything today, but every day we’re working on it,” she said.

Raimondo said, “It’s a challenging building because it is old, it's obviously not been maintained, and here is the real challenge with it: it’s got small floor [plans] and now everybody wants big open space. Yeah, I think we will get it done, and I’m working really hard on it, but it’s a huge challenge.”

High Rock, which purchased the downtown building in 2008 for $33.2 million, sued Bank of America in 2013, accusing it of breaching its lease agreement.

High Rock claimed the bank improperly maintained the building’s limestone façade and its electrical, heating and air conditioning systems before vacating the former Industrial Trust headquarters that year.

The bank denied the allegations, noting in pretrial documents that it had spent more than $81 million on the building between 2003 and 2013, including more than $32 million on maintenance and repair projects.

Moreover, the bank alleged that High Rock was actually responsible for some of the building’s damage, noting that because the building wasn’t properly heated during the winter of 2013-2014, water pipes burst, causing extensive damage throughout the building.

And the bank alleged that High Rock made the decision to bring its civil lawsuit “in an effort to secure funds for the building’s redevelopment and conversion to residential apartment units.”

High Rock is run by Massachusetts-based David Sweetser, who initially considered creating residential units in the former office tower. But his development plans have evolved over the years as requests for public funding as high as $75 million were coldly met.

tmooney@providencejournal.com

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