NEW: Fane Asking for 'Consideration' from I-195 Commission on Project Due to Coronavirus Crisis

NEW: Fane Asking for 'Consideration' from I-195 Commission on Project Due to Coronavirus Crisis

Jason Fane’s proposed 46-story residential tower in Providence has been impacted like much of the world by the coronavirus outbreak.

The team for the project, which was repeatedly delayed over the past three-plus years by the Administration of Jorge Elorza, issued a statement on Monday. 

“Mr. Fane has been communicating with the I-195 commission advising them of the impacts the COVID-19 virus is having on the Fane Tower development. This unprecedented emergency and the restrictions in place have significantly impacted normal commerce,” said the Fane organization in a statement.

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Specifically, “Mr. Fane is asking the I-195 Commission to enter into a “Toll Agreement” that would put the project on a pause.  This would extend the various project deadlines.  Whereas, no one knows how long the virus crisis will last the pause would be for an unspecified amount of time.  Things would go back in place when the crisis is over and new deadlines could be determined,” said the Fane organization.

“This crisis was unforeseeable when project timelines were put in place.  Mr. Fane has been put into a position where he has had to ask for consideration,” the company added.

“We also want it to be clear that Mr. Fane remains committed to the project.  He has invested considerable money into it and continues to do so.  Architects and engineers are still working on aspects of the construction design and are making progress,” the statement states.

Latest for Fane

As GoLocal previously reported:

Jason Fane’s project is alive and now moving forward. Documents submitted to the City of Providence in support of the project's requests for millions in tax breaks under the city’s tax stabilization program unveil the financial assumptions behind the development. 

Fane’s team dropped off a non-returnable check to the city of Providence for $205,575.

Fane’s 46-story ambitious project is aggressively moving forward and has added an important strategic partner. 

The documents for the cost estimates were prepared by Gilbane — one of the largest privately held, family-owned construction and real estate development firms in America.

The controversial project has repeatedly delayed by Providence Mayor Jorge Elorza and has drawn the ire of the Providence Preservation Society.

In contrast, trade unions have been strongly pushing for the tower, which is estimated to create more than 1,200 jobs over the course of the project.

Taller than Previously Proposed, Nearly 20% Increase in Units

In November of 2018, the Fane team provided GoLocal with detailed numbers to the project — specifically, the project a year ago was estimated to have 420 units "plus or minus" and would be 495 feet tall.

Documents submitted to the city on Tuesday unveil that the project is now 550 feet tall and has grown to 500 units -- a height difference of 55 feet.

This represents an 11 percent increase in height and nearly a 20 percent increase in the number of residential units.

“The Fane Tower will be approximately 550 feet tall and include about 500 residential apartments ranging from studios up to large four-bedroom family apartments and penthouses. Approximately 330 parking spaces are anticipated, though the specific number of units and precise apartment layouts have not yet been determined. It is expected that the building will have almost 14,000 square feet of street-level retail space on the ground floor, and more than 500,000 gross square feet in the residential tower,” according to Fane’s submission to the City.

The number of proposed parking spots would also increase from 300 to 330 spots.

This story was first published 3/30/20 5:32 PM