PROVIDENCE – The Fane Organization is moving forward quickly following the recent override of a mayoral veto that could have blocked its effort to build a residential tower in Providence.
The I-195 Redevelopment District Commission on Wednesday afternoon is expected to consider a vote to authorize a purchase and sale agreement, which would allow the company to purchase the development parcel 42.
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The parcel is the location for the proposed 46-story skyscraper, known as Hope Point Tower.
Earlier this year, the I-195 commission agreed to establish a price for the land, at $3.16 million. In July 2017, the project received initial approval from the I-195 commission subject to a list of conditions.
Among the conditions, is that the tower receives approvals from the city of Providence. Although the zoning change has been authorized – over the objections of Mayor Jorge O. Elorza – design review will still need to take place before the Downtown Design Review Committee.
In other business, the I-195 commission on Wednesday is expected to discuss and potentially vote on a preferred developer for the East Side parcels, which include three parcels along South Water Street in Fox Point.
Tim Love, of Utile Inc., the commission’s design consultant, is expected to give a presentation on the three proposals under consideration affecting parcels 2, 5 and 6.
The meeting is expected to begin at 5 p.m. Wednesday.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
