PROVIDENCE – The long-and-winding saga of the luxury Hope Point Tower development in Providence is getting another extension.
The I-195 Redevelopment District Commission on Wednesday amended the purchase and sale agreement with the developer, The Fane Organization, moving the deadline for exercising the agreement from Dec. 31 to June 30, 2020.
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The deadline for the property closing was moved from Dec. 31, 2021 to June 30, 2021.
In turn, the Fane Organization has agreed to pay the outstanding $249,000 deposit for the purchase of the district’s Parcel 42 by 5 p.m. Friday.
If the developer fails to meet that deadline, the commission may terminate the purchase and sale agreement, said Bob Davis, the commission chairman, following the board vote.
The purchase and sale agreement also was amended to give the developer until May 15, 2021 to submit final design documents for the tower, a 46-story, residential high-rise that would become the tallest building in Providence.
At the time of the closing, the Fane Organization will deliver to the commission a letter of credit from a lending institution, acceptable to the commission, for $3.75 million, the remaining purchase amount, Davis said.
The amended agreement relates to the Fane Organization’s acquisition of Parcel 42, a site on Dyer Street that overlooks the Providence River and the district’s public park.
For several months, the Fane Organization has sought to lift the deadlines under which it is required to begin development, citing the COVID-19 pandemic and its impacts on travel and services.
The purchase and sale agreement has been revised three times since Jason Fane, president of the Fane Organization, first won approval from the commission to purchase the land and develop his high-rise project.
The project, estimated to have a value of $300 million, has secured state incentives of $25 million through legislative action. It has divided many residents, however, and drawn a lawsuit that challenges the rezoning for the project approved by the Providence City Council.
“For some months, the project has been on an unofficial pause due to the pandemic and the need for a ruling on zoning. The Fane organization is working closely with the I–195 Commission discussing an official extension for the project. We are glad the major issues have been worked out with a few minor details to be resolved this week. We are now actively moving forward with Design Development and other aspects of the project,” the organization said in a statement.
“We are still waiting for the decision from the court on the zoning approval appeal. The lack of a decision on the zoning approval appeal remains a major impediment to the project.”
The organization also said that, “Mr. Fane remains very committed to the project and is moving forward with Design and Development and incurring considerable expense to do so.”
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
