Governor Dan McKee is questioning the financial troubles of the Superman building’s developer due to high interest rates putting national construction projects in danger. McKee argued that the redevelopment of the Superman building has been lagging for years and that interest rates shouldn’t be a reason for the project coming to a halt. The Industrial Trust Building’s owners stated that inflation, high interest rates, and other economic pressures have inflated the project’s total price. The $220 million project, initially slated to begin last fall, will be funded with millions in taxpayer money from the state and city, along with private investment raised by the developer. A High Rock Development spokesperson disputed McKee’s comments, saying that their challenges stemmed from the current interest rate environment. Taxpayer funds have not yet been spent, and the company is evaluating the possibility of funding the financing gap with private funds. The discussion surrounding the Superman building’s financial future coincides with significant uncertainty about the prospects of Rhode Island’s critical development projects, including the Tidewater Landing soccer stadium in Pawtucket, which has temporarily stopped issuing $27 million in bonds due to the developer’s lack of private capital.

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