Tall & Urban News

New York developer Jason Fane is one step closer to building a downtown skyscraper that he hopes will become as symbolic to Providence as the Eiffel Tower is to Paris.

The I-195 Redevelopment District Commission on Wednesday night, September 25, 2019, approved the final design of his controversial Hope Point Tower project, commonly known as the Fane Tower, marking a major step forward for the proposed 46-story residential high-rise.

Ahead of the vote, dozens of union members rallied in support of the project outside the Wexford Innovation Center on Dyer Street across from where the tower would be built, and dozens of opponents showed up to speak in opposition at the hearing.

The commission ultimately voted 5-1 in favor of the final design, although Chairman Robert Davis emphasized the vote was only for the design, and did not reflect how they felt about the overall project.

“We are not here to make a decision about whether this is a good or bad project, or whether it’s an economically feasible one,” Davis said. Commissioner Sandra Smith voted against the project.

During an exclusive interview with Target 12 ahead of the meeting, Fane said he believes the project will cost $300 million to complete. He was careful to note that estimate could change, depending on market conditions and the regulatory environment.

His goal is to have the tower completed within 2.5 years, but when asked whether he was certain the project would actually happen—a concern raised among his sharpest critics—he said that solely depends on the regulatory process moving forward.

“Until they approve it, I’m not building it,” he said. “There has been delay after delay.”

The plan is for the building to hold dozens of luxury apartments, and possibly also condominiums. Fane declined to say what the rents might look like, but said there would not be any affordable units.

“That’s not what this project is about,” Fane said. “There are a lot of people in Providence who want all kinds of things. This project is about providing a premiere building in a top location in Providence with an amenity and service package people can’t get elsewhere.”

Providence City Councilor Nirva LaFortune, D-Ward 3, who represents the East Side, spoke in opposition to the project, saying affordable housing is what’s needed in the city.

“We do have a housing crisis. Yes, we need more housing, but we need more affordable housing,” LaFortune said.

Wednesday’s meeting largely focused on three zoning waivers and approval of Fane’s final design, which the two groups have been working on for months.

For more on this story, go to WPRI.