EXCLUSIVE: Citizens Bank Looking at Superman Building for Corporate Headquarters

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The Superman building - Providence’s tallest building — has been vacant since its last tenant, Bank of America, moved out of the iconic structure in March 2013, leaving Providence with a massive black mark on its landscape. The building is located at 111 Westminster Street.

Since then, the owner of the building High Rock Development has been seeking federal tax credits, state subsidies, state tax credits, and a tax stabilization treaty from the City of Providence to underwrite a mammoth redevelopment of the building for proposed residential use. According to the developer and assessments, the cost of rehabbing the building is expected to exceed $75 million.

GoLocal has learned from sources in the bank -- and in government -- that the proposed relocation of the Citizens Headquarters has been in play since before the bank’s IPO in September.

Citizens generated $3 billion in its IPO in late September.

Presently, the Bank is headquartered in Providence in a building adjacent to Waterplace Park. That building may not be big enough for the company post its separation from the Royal Bank of Scotland.

Bruce Van Saun, Chairman and Chief Executive Officer of Citizens Financial Group, Inc. was unreachable for comment.

As GoLocal reported exclusively on September 26, the Superman building presently has no value according to appraisals. READ APPRAISAL

“The Superman Building in Providence has "no value," according to an appraisal conducted earlier this year by Providence-based appraiser Scotti and Associates. Moreover, the findings show that the Industrial National Bank Building at 111 Westminster Street would cost between $60 million and $100 million to rehabilitate.”

Presently, Governor-elect Gina Raimondo is trying to put together a package to entice Citizens to stay in Rhode Island and move to the vacant Superman building.

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