Fane moves forward on luxury tower, signs commitment letter

Updated at 2:30 p.m., July 11

STILL HAPPENING? The pandemic has helped stall plans for a 46-story tower along the Providence River, but the Fane Organization insists it will move ahead with the project, depicted above in a rendering. / COURTESY FANE ORGANIZATION
DEVELOPER ANDREW FANE has signed a commitment letter giving him seven months to finalize construction documents, select a contractor and secure final financing for the construction for the controversial project. / COURTESY FANE ORGANIZATION

PROVIDENCE – The Fane tower developer has taken another step toward finalizing the long-delayed downtown luxury building.

New York developer Jason Fane has signed a commitment letter, giving him seven months to finalize construction documents, select a contractor and secure final financing for the construction for the controversial project, said Jim Malachowski, a spokesperson for Fane.

“Between now and seven months, [Fane] has quite a bit to do,” Malachowski said, adding that Fane “looks forward to building this exciting project.”

Fane also completed a $249,000 payment a few months ago, Malachowski said, as required by the I-195 Redevelopment District Commission.

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Fane has hit several delays and received deadline extensions since first proposing the project in 2016.

In late June, the R.I. Supreme Court struck down a lawsuit, filed by Peter Scotti & Associates, Inc. and Building Bridges Providence, alleging that the tower’s proposed height, which required a zoning amendment, was inconsistent with goals the city had outlined in its “Providence Tomorrow” comprehensive plan.

With the R.I. Supreme Court’s go-ahead, the $300 million, 46-floor luxury tower, located at 250 Dyer St. on former Interstate 195 land received a significant boost after years of setbacks.

The project has support from the city, as well as officials including Senate President Dominick J. Ruggerio and House Speaker K. Joseph Shekarchi.

Opponents, such as Scotti and Building Bridges Providence, say that the proposed building, which would stand at around 530 feet tall, would dramatically alter Providence’s skyline.

The tower would be about 100 feet taller than the city’s current current tallest building, the 428-feet Industrial Trust Co., or Superman building, with a wavy, white design.

The proposal for luxury units also comes amid a call for increased affordable housing resources.

(Update: Corrects name to Andrew Fane in 2nd paragraph)

Jacquelyn Voghel is a PBN staff writer. Contact her at Voghel@PBN.com.

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