Senate President Dominick Ruggerio has retracted his previous comments suggesting that the developer of the Superman building is seeking more state money, despite the increase in the overall cost of the project. The rising cost of borrowing has affected development projects across the US, and Rhode Island is no exception. The Superman developer, High Rock, has met regularly with both state and local leaders to discuss the impact of the increasing interest rates on the project. High Rock spokesperson Bill Fischer confirmed that the rising interest rates and other economic pressures have increased the total cost of the project, which was previously estimated at $220m. While the developer has not yet made any public request for additional support, they are looking into how much of the increased gap they can bear internally. Despite ongoing economic pressures, High Rock remains optimistic that the project will move forward as planned. City Council President Rachel Miller confirmed that the council had not yet received any requests for additional funding from the Superman developers.

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