N.Y. developer looks ‘to change Providence’s self-image’

DEVELOPER JASON FANE believes that his proposed $400 million to $500 million residential development in the I-195 Redevelopment District has the potential to substantially alter Providence's self-image. / COURTESY FANE ORGANIZATION
DEVELOPER JASON FANE believes that his proposed $400 million to $500 million residential development in the I-195 Redevelopment District has the potential to substantially alter Providence's self-image. / COURTESY FANE ORGANIZATION

PROVIDENCE – A New York developer who has proposed to build a trio of residential skyscrapers in downtown Providence said the project will transform the city.

The preliminary design, unveiled Monday night, would contain more than 1,000 luxury apartments and likely would be developed in phases.

In all, including design and engineering, the project could cost $400 million to $500 million, said developer Jason Fane, president of The Fane Organization, a family-owned real estate development and management company.

Fane is interested in developing the towers on Parcel 42 in the I-195 Redevelopment District, at Dyer and Dorrance streets. Architects for the project presented the preliminary design and plans on Monday to the I-195 Redevelopment District Commission.

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Hope Point Towers would offer sweeping views of the Providence River, city and Narragansett Bay. In addition to the residential units, which Fane said would be in varying sizes, the project would include a host of amenities such as a grocery store, restaurants, services and professional offices.

In a phone interview Tuesday, Fane said the project would transform the image of the city, largely populated by 19th and early 20th century buildings.

“This will be the premier residential project in Providence,” he said. “Anybody who drives into Providence will see it. You’ll see it from the highway. You’ll see it for miles around.”

The buildings are conceptually designed at 33,43 and 55 stories each, which would be taller than the existing skyline. The Industrial Trust Building, known as the Superman Building, has 26 stories, although its floor-to-ceiling heights are taller than in modern construction.

A spokeswoman for the I-195 commission said the board had taken the project proposal under consideration. Spokeswoman Dyana Koelsch described the project as preliminary and conceptual at this point. The commission will conduct a review to determine if it is feasible and appropriate, she said.

Given the heights, it would require a city zoning variance for the site. Existing height incentives would only allow a developer to build up to 10 stories on that property, she said.

Standing out, said Fane, is the point.

His company has developed modern luxury towers in Toronto and New York, among other cities. This would be a first entry into New England.

“If I were to do the same project in New York or Toronto, people would love to live in it. And it would be easy to finance, but it wouldn’t particularly stand out,” Fane said. “This is where Providence would have an opportunity to change its self-image.”

The development could qualify for incentives available to developments that qualify under a tax stabilization agreement approved by the city. This includes up to a 20-year phase-in on full property taxes.

Fane said he has spoken with Gov. Gina M. Raimondo about the project. In a meeting with reporters, Raimondo said of the plans, “I’m pleased an outside developer is taking a look at Rhode Island and willing to invest millions of dollars in Rhode Island. It speaks to the momentum we have.”

The commission staff, she said, would have to do its job and review the application.

Fane said he has spoken to commission staff about development incentives, such as the $25 million available for kickstarter-style developments in the district. He said he spoke with Executive Director Peter McNally.

“He had literature on the various incentives they have. That was part of the motivation to take Providence seriously, as opposed to other places,” Fane said. “If they’re not doing it, I don’t want to do business with them at all. It’s something they initiated. I assume the reason those incentives exist is Providence was not happy with the rate of development, and they were trying to do something to be more attractive.”

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