NEW: 195 Commission Gives Fane Drop Dead Date on Tower Project
GoLocalProv Business Team
NEW: 195 Commission Gives Fane Drop Dead Date on Tower Project
In a letter sent Thursday, the Commission told Fane they will not give him any further extensions on the filing date for a Tax Stabilization Agreement (TSA) on the proposed project on the former I-195 land.
Fane’s lawyers had requested an extension on its filing for a TSA with the Commission from its original due date of June 30, 2019 to December 1, 2019.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“We hereby extend the TSA filing date under the Purchase Agreement to December 1, 2019,” wrote 195 Commission Chair Robert Davis, in a letter dated October 10, 2019 -- addressed directly to Fane.
He went on, however, to add that would be the final extension granted.
“To keep your project on track with the schedule underlying the Purchase Agreement, we must advise you that there will be no further extension of the filing date for the TSA,” warned Davis.
Commission Expresses Concerns — Sets Final Deadlines
“It concerns us that you seem to be pursuing a major project without the kind of pro forma that would ordinarily be expected,” wrote Davis.
Davis in his letter acknowledges that the State Historic Preservation Office has its own target date of October 26 to issue a decision on the fate of the project.
The development marks the latest for Fane since the 195 Commission approved the project design at the end of September, by a vote of 5-1.
As GoLocal reported:
For nearly three years, the proposed Fane Tower has been trapped in layers of regulatory review — caught between the overlapping city and state regulatory structures
The $300 million, 46-story project is the boldest and largest private investment in the City of Providence in more than 20 years, since the construction of the Providence Place Mall in the late 1990s.
Fane Tower By the Number, November 29, 2018
How many stories tall will the Fane Tower be?
46
How tall from ground to top of structure?
495 feet
How many restaurants are planned to be located at the project?
2
How much parking on site below and above ground?
+/-300 spaces
How many units in the skyscraper?
+/-420
How many condos in the Tower?
+/-130
IMAGE: Fane's Toronto project
Will the Fane Tower have anything on the rooftop?
Yes. But, the developer has not determined how the rooftop will be developed
IMAGE: Fane's Toronto project
How many estimated residents will live at the property?
+/-840
IMAGE: Fane's Toronto project
What is the cost of the project?
The development budget is $300 million, but the construction cost is expected to increase.
How large is the base of the property estimated to be?
35,000 square feet
How much retail will be on the property?
12,000 square feet
How long will construction take?
3 years
How many construction jobs will be created?
1,200 to 1,500
Amenities?
We expect to provide 30 plus amenities. Potentially tennis in the park.
