Fane Makes Required $249,000 Payment — Moves Closer to Closing on 46-Story Tower
GoLocalProv Business Team
Fane Makes Required $249,000 Payment — Moves Closer to Closing on 46-Story Tower
“He’s excited about moving forward with the project,” Fane spokesperson Jim Malachowski told GoLocal on Tuesday, who confirmed Fane made the payment last week.
Malachowski outlined the next steps for Fane.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“He has 7 months before the closings,” said Malachowski. “He’ll have to have financing in place, finalize the plans, and select a contractor.”
From 2016 to 2022
Friday's payment marks the latest bureaucratic development since the project was first proposed in 2016.
In 2020, Fane was hit with nearly a quarter-million dollar amount in penalties for missing key deadlines.
Fane was recently afforded a major win when the Rhode Island Supreme Court issued a decision late in June reaffirming a Superior Court decision.
The ruling de facto clears the way for the proposed 46-story Fane Tower to move forward.