Industrial National Bank Building
| Industry | Commercial real estate |
|---|---|
| Predecessor | Butler Exchange Building |
| Founded | 1928 in Providence, Rhode Island, United States |
| Founder | Industrial Trust Company |
| Fate | Vacant since 2013; undergoing restoration as of 2023 |
| Headquarters | Providence , United States |
Area served | Rhode Island |
| Products | Office space, planned residential apartments |
| Owner | High Rock Development (as of 2008) |
Number of employees | 0 (vacant) (2013) |
The Industrial National Bank Building, situated at 111 Westminster Street or 55 Kennedy Plaza in downtown Providence, Rhode Island, was finalized in 1928 under the original name Industrial Trust Co. Building. Its design was crafted by the New York architectural firm Walker & Gillette. Standing 26 stories tall, it continues to be the tallest structure in both Providence and Rhode Island, ranking as the 28th highest in New England. Upon its completion, it overtook the nearby Biltmore Hotel by several floors.
Historically referred to as the "'Fleet Bank Tower", "Bank of America Building", and more recently "111 Westminster", the building is affectionately known locally as the "Superman Building" because its silhouette resembles the fictional Daily Planet headquarters from the 1950s The Adventures of Superman television show.
Following Bank of America's departure in April 2013, the building has remained unoccupied. A 2016 assessment estimated renovation expenses at $115 million. Requests for public funding were rejected in 2017. In November 2023, restoration efforts commenced to transform the property into residential apartments, with plans for 285 units, including 57 designated as affordable housing.
Butler Exchange Building
Prior to the current edifice, the location was occupied by the six-story Butler Exchange Building, erected in 1872 at 55 Exchange Place on land reportedly conveyed by Samuel Butler's descendants. By 1913, its address had changed to 123 Westminster. This building housed the Rhode Island Commercial School, which merged into Bryant & Stratton College in 1916, a forerunner of Bryant University. It also contained various retail establishments such as Dodge and Camfield grocers, A. & L. Tirocchi Gowns, and Waite Auto Supply Company. After suffering significant fire damage, the structure was demolished in 1925 to clear space for a new tower. Despite opposition from local residents regarding its scale and architectural style, construction moved forward.
Industrial Trust Company
Commissioned in 1925 by the Industrial Trust Company—established in 1886 by Samuel P. Colt—the present building was erected during the interwar period as the Industrial Trust Tower, officially opening on October 1, 1928. Embracing the popular Art Deco aesthetic, it served as the headquarters for Industrial Trust.
Following Industrial Trust’s transition to Fleet Financial Group in 1982, it was renamed Fleet Bank Tower and remained Fleet's main office until their merger with Shawmut Bank in 1995 and subsequent relocation to Boston. Fleet maintained ownership after merging with BankBoston in 1998 to form FleetBoston Financial.
In 2004, after FleetBoston was acquired by Bank of America, the building adopted its new name accordingly. Just prior to the Great Recession in 2008, Massachusetts-based High Rock Development purchased the property for $33.2 million. Bank of America continued as the sole occupant, leasing approximately half of the building and investing $7 million in enhanced fire safety systems.
Vacancy
In 2012, Bank of America opted not to renew its lease as the exclusive tenant, resulting in vacancy. High Rock’s appeal for public financing to redevelop the site was declined amid state taxpayer hesitance following a costly loan to 38 Studios earlier that year. By 2016, renovation costs were projected at $115 million.
Bank of America litigation
In 2013, High Rock initiated legal action against Bank of America, seeking millions in damages by asserting that the bank neglected maintenance and allowed the building to deteriorate throughout the lease period. The lawsuit alleged the bank failed to fulfill its repair duties, resulting in the property becoming unfit for leasing, with claims reaching up to $54 million. Bank of America filed a counterclaim concerning removal expenses; however, this was dismissed. Although the trial was scheduled for May 2017, the parties reached a confidential settlement shortly after jury selection.
Architecture
The building's structure consists of a steel framework sheathed in Indiana limestone and Deer Isle granite at its base. It was promoted as A Business Building for Building Business. The design was crafted by New York-based architects Walker & Gillette in collaboration with local architect George Frederic Hall. Its stepped-back form draws inspiration from Manhattan’s 1916 zoning regulations, even though no such restrictions applied in Providence.
The base aligns with the height of neighboring four-story structures. Upon completion, it stood as one of New England's tallest buildings, ranking third after Hartford's Travelers Tower and Boston’s Custom House Tower expansion. The cornice features sculpted reliefs portraying scenes of Native Americans and colonists alongside industrial imagery.
The grand hall extends three stories high, with expansive windows overlooking Kennedy Plaza and Westminster Arcade. A balcony level accommodates the lobby and a cozy ballroom adorned with marble fireplaces and brass chandeliers.
Executive offices occupied the 26th floor, which included staff quarters and dining areas; a staircase leads up to the 29th floor’s exclusive 'Gondola room,' designed to resemble an airship gondola with leather accents and a wine storage closet. Gravity-fed water tanks are located on the 28th and 29th floors; service restrooms are also on the 29th floor. Nearby, a nesting box for peregrine falcons has been installed.
A secure vault in the basement, designed by Frederick S. Holmes, protects client valuables behind a massive 17-ton door. Metal doors and decorative trim were manufactured by Dahlstrom Metallic Door Company; some feature brass eagle motifs. Originally, a green glass beacon topped with stone eagles weighing 7.5 tons crowned the building but was removed in 1950 following damage caused by lightning strikes and falling debris.
Distinctive setbacks appear on floors 5, 12, 14, 17, 18, 26, and 30. The building was traditionally illuminated in bright blue at night, with special seasonal lighting during Christmas and Valentine’s Day; however, these exterior lights have remained off since it became vacant. Aside from alterations to the lobby area, upper windows, turret tower, and light beacon, the overall structure has remained largely intact.
Rehabilitation effort
Over time, the building has undergone minimal alterations. The most recent renovation occurred in 2007 when Bank of America invested $7 million to upgrade fire suppression systems.
In 2011, rumors surfaced regarding Bank of America's potential departure once its lease expired; this was confirmed in 2012 when the bank vacated in 2013. This exit impacted Providence’s skyline as most exterior lighting was turned off.
High Rock Development purchased the property in 2008 for $33 million and initially proposed converting it into luxury apartments utilizing $80 million in state tax credits. This proposal was declined, leading state officials to consider relocating some Health and Human Services offices into the space. Subsequently, High Rock presented a $40 million rehabilitation plan aimed at establishing a mixed-use development featuring retail outlets, commercial offices, and 285 residential units. Although High Rock had access to $200 million in financing options, they faced criticism for not committing more direct capital to the project. In October 2022, Providence City Council approved a $29 million tax incentive package to support the redevelopment.
An independent appraisal conducted in 2012 prompted Scotti and Associates to declare in 2014 that the building held "no value."
In December 2017, Paolino Properties together with Gilbane Development proposed demolishing the existing structure to build a new 36-story headquarters for Hasbro amid multiple competing plans.
By October 2023, High Rock Westminster LLC announced plans for restoration with Consigli Construction named as general contractor. The initial stage will involve interior demolition and asbestos removal at an estimated cost of $25 million over six to nine months. This phase will proceed without public funding using a "top-down" methodology beginning from the uppermost floors.
In popular culture
- Although the structure bears similarity to the Daily Planet headquarters from the Superman comics, co-creator Joe Shuster clarified that his design was influenced not by the Providence edifice or the speculated AT&T Huron Road Building in Cleveland, but rather by his native city, Toronto, including landmarks such as Commerce Court North and the Fairmont Royal York. The building depicted in the Adventures of Superman television series is, in fact, the Los Angeles City Hall.
- The Industrial Trust building is featured in H. P. Lovecraft's last narrative, "The Haunter of the Dark" (1935), where the narrator describes its red beacon as rendering the night "grotesque." Lovecraft also likened this structure to the Lighthouse of Alexandria in his correspondence.
- Within the fictional setting of City of Quahog, Rhode Island, home to the adult animated show Family Guy, the building and its surrounding skyline are frequently displayed, often seen behind the Griffin family residence on Spooner Street.