PROVIDENCE — The Interstate 195 Redevelopment District Commission on Thursday authorized its executive director to finalize a purchase and sale agreement with a New York developer who wants to build a luxury residential tower of up to 46 stories in downtown Providence.
The commission leadership has been negotiating with The Fane Organization on a site purchase, for Parcel 42, for several months. The parameters set by the commission at that time put the purchase price at $3.16 million.
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If the continued negotiations follow closely to those guidelines, chairman Robert Davis or Executive Director Peter McNally would have the authority to sign the purchase and sale agreement on behalf of the commission, without coming back for minor changes.
“We’re fairly far along with the negotiation of the contract,” Davis said.
In other business, Davis announced that three development groups have expressed interest in building projects on several remaining I-195 parcels, all located on the east side the district.
The developers have been invited to a meeting of the commission on April 11, when they will present their projects in a public setting. Submissions will be made by a development company for parcels 2 and 5, by the Carpionato Group, of Cranston, for parcels 2, 5 and 6 and by a Connecticut-based development team for parcel 5, Davis said.
In other business, the commission listened to an update on the planting and development of the public parks in the district.
Landscape architects representing Brown Richardson & Rowe Inc., of Boston, said several hundred native plantings will be installed on the west and east sides of the Providence River, as well as footpaths that will connect to the pedestrian bridge.
The pedestrian bridge, now under construction, is expected to be finished in the fall, McNally said.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
