According to ABC 6, Governor Dan McKee announced a rehabilitation plan for the iconic "Superman" building Tuesday afternoon. McKee said the renovation will cost $220 million. Stefan Pryor, the head of the Rhode Island Commerce, said the building will include 285 apartments as 20% of the 285 units will be affordable to low and mid-income state residents. The building will also include 8,000 square feet of commercial space, as well as a mix of retail, event, and community uses in the 26,000 square foot Banking Hall.

Community leaders have pushed for the redevelopment of the state's tallest building since it became vacant in 2013. High Rock officials proposed converting the skyscraper into apartments with $39 million in state support, but there was no further push on that decision.