PROVIDENCE – The Fane Organization said Tuesday it has filed its application for a city tax stabilization agreement for its luxury high-rise, Hope Point Tower.
The New York-based development company said its submission included a nonrefundable fee that reflected a total construction cost of $205.6 million. That sum is not the same as the project cost, which would include land acquisition costs, engineering, legal and architectural fees and regulatory and finance costs, according to Fane spokesman Jim Malachowski.
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The total project cost has been estimated at $300 million.
Tax incentives for a project in the I-195 Redevelopment District exceeding $50 million are handled through an administrative review, outside the bounds of City Council or mayoral authority. The standardized TSA is for a length of 20 years and serves to phase in city property taxes on a newly built project.
The developer paid the city a filing fee of $205,575.47, Malachowski said. The I-195 commission had set the deadline for the TSA filing at Dec. 1, following a series of extensions requested by the developer.
The construction cost estimate was prepared by Gilbane Building Co.
“The Fane Organization has met the TSA filing deadline, is aggressively moving forward on various fronts and remains committed to bringing this project to fruition,” he said.
As of mid-afternoon, a spokeswoman for Mayor Jorge O. Elorza said the administration had not received a copy of the filing.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
