Located at 55 Exchange Place and constructed in 1872, the land was purportedly deeded by the heirs of the original Samuel Butler.

[9][1] State taxpayers, still smarting from the controversial money-losing loan to 38 Studios in 2012, were in no mood to offer public funding or tax credits.

The bank brought a counterclaim seeking recovery of monies spent removing furniture from the building after the lease expired.

The skyscraper was designed in the stepped-back style, which originated in Manhattan, New York City in response to the 1916 zoning law which sought to increase the amount of air and light in downtown Manhattan, but when this building was on the drawing board in late 1925 or early 1926, very few building of this type had been built elsewhere in the U.S.[3] There were no such zoning restrictions in Providence, nevertheless, New York architects Walker & Gillette chose to include the innovative symmetrical stepped massing, with the assistance of local architect George Frederic Hall.

The majority of relief art is found on the cornice of the tower's base, where 22 frames depict scenes of Native American and Colonist interaction and stages of Industrialization alongside four seals, and four eagles.

Dual street-level staircases rise at the east and west ends of a stately columned grand hall, which is three stories high and runs the length of the building; it contains large windows that overlook Kennedy Plaza and the Westminster Arcade.

The balcony level of the grand hall contains the lobby and entrance to an intimate ballroom with marble fireplaces and brass chandeliers.

In the basement is a vault, designed by Frederick S. Holmes that houses small and large items, supplied with storage areas for client possessions such as fine rugs.

The original glass of the beacon was of a green hue, and topped with a decorative globe, surrounded by a circle of stone eagles weighing 7.5 tons (6.8 tonnes).

[14] From nightfall until midnight, the building's peak is traditionally lit a bright blue with varying red and green at Christmas and Valentine's Day.

The building has remained relatively unchanged over the years with the exception of the lobby, the upper windows and the two story turret tower and light beacon.

High Rock Development has since offered a four-year plan that would require $40 million in new funding for the rehabilitation of the tower into a mix of uses that include retail, business and 285 residential units.

[20] The former and new financing proposals were met with mixed reaction with several individuals noting High Rock Development has $200 million available to put towards the rehab effort but has declined to do so.

According to press statements made by High Rock: "The first phase of the project will include interior demolition, asbestos abatement, and other work preparing various aspects of the building for restoration".

The company stated that they expected what they described as "Phase One" of their project to incur a total cost of approximately $25 million USD, and estimated that construction would take place over a period of six to nine months.

The company stressed that this first phase of the project will not involve the use of any public funds, and noted that their plans were to be carried out as a "top-down process beginning on the upper floors of the building".