PROVIDENCE – A schedule for the pre-development and business plan requirements for the Fane Organization’s Hope Point Tower was approved Wednesday by the I-195 Redevelopment District Commission.
The high-rise condo project, which in September received design approval from the commission, will need to submit a full proforma and capitalization plan, along with a demonstration of financial capacity and financial statement from the developer by Dec. 1. The documents will include assumptions and presale requirements.
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That’s the same deadline that The Fane Organization has for submitting an application for a city tax stabilization agreement.
According to comments in the document, references from project lenders have already been provided to the commission. No equity partners are planned for the project, expected to cost upward of $300 million.
The next set of deadlines is March 1, 2020, when the developer will need to submit an updated site plan, including square footage for each use, and number of housing units by type, as well as parking spaces proposed. A detailed description and samples of exterior materials will be due at that time as well, along with a conceptual cost estimate that verifies that all exterior design elements, including tower balconies, will be viable within the submitted financing proposal.
In October 2020, the developer must submit applications for permits to construct and operate the project. Construction is expected to span three years.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
