195 Commission Land Change for Fane Tower Gets Approved by General Assembly

Sunday, June 24, 2018
GoLocalProv Business Team

Fane Tower
Jason Fane's proposed 46-story tower moved one step closer Saturday night as the General Assembly passed legislation to alter the boundaries of a parcel within the I-195 Redevelopment District. The change is necessary in order for the Fane project to move forward.

President of the Senate Dominick J. Ruggerio (D – Dist. 4, North Providence, Providence) and House Majority Leader K. Joseph Shekarchi (D-Dist. 23, Warwick) sponsored the legislation, (2018 S-2556, 2018-H 8356). The Providence Preservation Society strongly opposed the legislative change.

New York developer Fane has worked with the I-195 Redevelopment Commission on a proposal to construct a 46-story high-rise tower on Dyer Street. The proposal, known as Hope Point Tower, represents an investment of about $250 million. The project still needs approval from the City Council in Providence

The envisioned parcel reconfiguration would allow for greater depth and better positioning of the project in order to allow access and visibility for the proposed building from Dyer Street. The Commission has worked with The Fane Organization to develop a preliminary site layout.

The Federal Highway Commission has confirmed that the envisioned parcel change complies with other necessary land use limitations in the vicinity. The legislation amends the enabling statute so that the I-195 Redevelopment Commission can make the change needed for the construction project to proceed.

The measure now moves to the governor’s office.

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