PROVIDENCE – The Fane Organization will come back to Providence Tuesday, seeking approval to build a 45-story residential tower on a key parcel in the Interstate 195 Redevelopment District.
The New York-based company had initially proposed three luxury residential skyscrapers for Parcel 42, a site overlooking the Providence River and a public park that is to connect downtown Providence to the East Side.
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Its revised plan would be a single tower, covering 548,456-square-feet. The Hope Point Tower would include 400 rental apartments, 116 condo units and 317 parking spaces.
Altogether, the economic impact analysis, as prepared by a consultant to the commission, estimates the project would cost $220.3 million in land acquisition, construction and design costs.
The agenda for the I-195 commission meeting indicates Jason Fane, president of The Fane Organization, will make the new presentation to the commission. In addition to his presentation, the commission’s financial consultant, Real Estate Solutions Group LLC, is scheduled to address the proposed development for Parcel 42.
A public hearing is also scheduled. The last time the commission held a public hearing on the Fane Organization’s original proposal, comments were taken for several hours.
The meeting is at 5 p.m. at the commission offices, at 315 Iron Horse Way.
When Fane last appeared at the I-195 offices, in January, the commission voted 4-1 to move the project to a second phase of consideration, but one that would require a new application.
The original three-building design was later scaled back to a single 43-story tower, which would have sat on a multi-story base.
The current design, according to the documents filed with the I-195 redevelopment commission, would place a 40-floor residential structure atop a five-floor base.
At the commission’s direction, the updated design was required to be confined to the northern portion of the parcel, to limit the impact of the building’s shadow on an adjoining parcel that is to become a district park.
Mary MacDonald is a PBN staff writer. Contact her at macdonald@pbn.com. Follow on Twitter @MaryF_MacDonald.
