21 to Watch in RI in 2021: Fane, Small and Abdo

GoLocalProv Business Team

21 to Watch in RI in 2021: Fane, Small and Abdo

Providence PHOTO: GoLocal
Presently, three of the most transformative development projects in Providence are in suspended animation due to the pandemic.

The three — each distinct from one another — are facing regulatory, legal or financing challenges.

The developers — all from out-of-state — have targeted Providence for projects that combined are estimated to cost approximately $400 million.

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See the projects below. 

 

 

 

Fane Tower PHOTO: developer
Jason Fane:

The highest profile project is the Fane Tower. The $300 million proposed development is working its way through Rhode Island and Providence’s overlapping, redundant, and complex regulatory structure. Remember that the 195 Commission was created to fast track projects — a Commission that is 10-years old and has virtually no projects to point to.

A court decision by Superior Court Judge Brian Stern knocked down one of the obstacles for the 46-story tower.

The only functional obstacle to the project may now be only Fane himself. Will he pull the trigger?

 

 

Proposed College Hill Hotel IMAGE: ZDS
Ed Small:

Small is the President of the Smart Hotel Group in Ohio and he has been eyeing College Hill as a site for a hotel near Brown for more than a decade.

His project on the corner of Brook and Angell Streets faces opposition from some neighbors.

He told GoLocal in November, “We remain committed to our proposed Angell Street hotel.  We believe Providence has a bright future and would benefit from the construction and permanent jobs, real estate taxes and significant investment our project would generate.”

“We trust the legal process will ultimately allow us to proceed and bring the project to fruition consistent with the support we have received from the planning community and many neighboring institutions and residents. 

 

 

Abdo's Hive now face's an uncertain fate
Jim Abdo:

The Washington, DC-based Jim Abdo is the developer who purchased the “old” Providence Journal Building located on the city block behind Providence City Hall.

In April, he told GoLocal “Like everything else in America…we are putting things on hold and sheltering in place.  I hope you are doing the same."

Abdo added, "Once life gets back to normal we hope to proceed with this wonderful and important development for the city of Providence."

 

These will be three projects to watch in 2021.


21 to Watch in RI in 2021

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