Legal Battle Pending Over 'Superman' Building

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The fate of the Providence, Rhode Island tower commonly known as the "Superman building" is headed to court.

The owners of the distinctive 428-foot Art Deco tower, which earned the nickname for its resemblance to the Daily Planet building in the old "Superman" TV show, are suing Bank of America, the building's last tenant. Massachusetts-based High Rock Development claims the bank did not properly maintain the building, which is now empty.

High Rock is asking for more than $23 million in damages, claiming the building is now unrentable, according to the lawsuit. Bank of America has denied the allegations and counter-sued.

The skyscraper, originally known as the Industrial National Bank Building, is one of the most distinctive buildings in the state, dating to 1927. The New York Times recently described the building as "a wonderful example of Art Deco architecture, with geometric friezes and a staggered facade that narrows to a lantern light on top."

High Rock bought the 26-story tower for $33.2 million in 2008. The company wants to convert the bulk of the space in the tower to 280 rental apartments, leaving the lower floors for retail and office space. With a vacancy rate of 19 percent in midrange office space in Providence, it doesn't make sense to leave the tower as an office building, the company says.

"We know that residential conversion is the highest and best use," a High Rock spokesman told the Times.

High Rock has been trying to arrange a public subsidy to fund the conversion of the historic building, without success. The company says it needs $75 million in public funds to help convert the building, according to the Times.