PROVIDENCE – Development of a luxury high-rise in downtown Providence is back before the I-195 Redevelopment District Commission.
The commission is scheduled to meet Wednesday afternoon to consider the terms for the sale and development of Parcel 42, a 1.08-acre site near the Providence River that borders land that will become a public park.
The Fane Organization, of New York, had received preliminary approval in July 2017 for a 46-story luxury building, under a lengthy set of conditions. They include obtaining state legislative approval for the reconfiguration of the public park.
The proposal, called Hope Point, originally was envisioned as a trio of luxury apartment buildings but later scaled back to a single tower. The developer estimated the cost at $220 million, including land acquisition, construction costs, and design and engineering expenses. In July, he said he was seeking $15 million in state tax incentives and an unspecified amount of state sales tax exemptions for construction materials.
If the building remains 46 stories, the project will require a zoning change from the city of Providence because it exceeds the height limit for that district of 130 feet. The project, as discussed in July, would involve 40 floors of residential condos atop a five-story parking garage and one floor of retail.
The height was not specified at that time because designs had not been developed.
Since the meeting in July, negotiations have followed between commission staff and the applicant, according to Dyana Koelsch, a spokeswoman for the I-195 commission.
The terms of the deal have not been released. According to the agenda, the proposal will be discussed in closed session before an anticipated vote in public session.
“They’ve been negotiating with Fane on how he could acquire the property,” Koelsch said Monday afternoon.
Jason Fane, the developer, and president of the Fane Organization, could not be reached for comment late Monday afternoon.
The meeting is scheduled to begin at 5 p.m. Wednesday in the I-195 commission offices in Providence.
Mary MacDonald is a staff writer for the PBN. Contact her at email@example.com.