Developer the Fane Organization has received a one-month extension to file a request for city property tax incentives for the project known as the Hope Point tower, which would place a luxury condominium building of 46 stories on Parcel 42 in the I-195 district of greater Providence, Rhode Island. The parcel overlooks the Providence River, a new pedestrian bridge to the East Side, and a public park that is nearing completion. The extension grant follows a recent back-and-forth between the development group proposing a downtown luxury skyscraper and The I-195 Redevelopment District Commission.
The extension is for a tax stabilization agreement application. Originally, under the purchase and sale signed in January 2019 for the riverfront parcel, which the I-195 district owns, the commission and Fane agreed to a deadline again, to September, 2019.
The Fane Organization, which is led by Jason Fane, had sought a new reduction in fees associated with the development review, but the commission refused. Fane sought to reduce the non-refundable deposit to the commission from $250,000 to $1,000. Under the terms of the purchase and sale agreement, the $250,000, which is half of what was originally proposed in the first purchase and sale agreement, is due once all rezoning litigation over the parcel is resolved.
Commission Chairman Robert Davis said the commission agreed to the extension this month, after it had received confirmation in writing from the developer that the original terms of the guarantee would remain in place.
A spokesman for the developer said the disagreement over the deadline related to the lack of a final design for the building, which sets the amount of the fee to be paid to the city.
The architect for Fane is working collaboratively with a design consultant hired by the commission, according to Malachowski, but as of the original deadline had not been able to arrive at a final cost estimate for the project, because several details on the final design were not complete.
On Wednesday, Malachowski released a statement: “The Fane Organization continues to work collaboratively with The I-195 Commission. The Fane Organization will be submitting a proposed final design for the project, and is looking forward to the commission’s vote as part of their design review process. Approval of the final design is a critical milestone for the project, which will allow Fane to proceed on a number of other fronts.”
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