The I-195 Redevelopment District Commission on Wednesday approved a non-binding agreement that sets the parameters for Jason Fane to purchase Parcel 42, a site near the Providence River that he wants to develop into a luxury residential tower.
The project, called Hope Point Tower, would include a building of up to 46 stories, divided into condos and apartments.
The design is being reworked, and will not resemble the images released earlier in 2017. What Fane wants to build, he told reporters following the meeting, is an iconic building that will redefine Providence. He did not release a rendering. The project is expected to be valued at $250 million, he said.
In order to purchase the land and build his tower, Fane, president of the New York-based Fane Organization, will have to obtain a series of approvals from city authorities, including the design of the structure and a zoning change that would authorize its height.
The site is in a zone that caps building heights at 130 feet.
This action moves this project further along, but it is far from a done deal. The zoning approvals need to be made to reconfigure the lot and allow the height to go way beyond what is allowed by zoning. As far as the zoning is concerned, the 195 Commission is supposed to consider the City’s zoning, but can override it…
It is good that the tower is going into redesign, I hope they remove all the damn brick. 46-story buidlings are not made of brick, it is silly and fake to do that. If the project moves forward, the design will eventually be reviewed by the Downtown Design Review Committee.