Plan for single tower clears its first hurdle

PROVIDENCE — The I-195 Redevelopment District Commission voted 4-1 Wednesday to invite New York developer Jason Fane to submit a more detailed proposal for only one high-rise tower along the Providence River.

But its vote included three conditions The Fane Organization must meet if the plan goes forward. And the decision followed a lengthy preamble, typed and read by commission Vice Chairman Robert C. Davis, urging the commission to weigh “key considerations.”

After the meeting, Davis explained the vote: “It means that three towers are no longer under consideration — only a single tower.”

Fane initially pitched an ambitious plan on Nov. 14 to build three high-rise residential towers on Parcel 42, an acre of former highway land between Dyer Street and the planned riverfront park

By early December, Fane had revised his plan to build the $500-million luxury towers, saying he was immediately ready to build one, 43-story tower at $150 million.

In a separate interview after the vote, Fane said he thought the commission’s action was a “step forward” and he looks forward to working with them. But he added, “There was a lot to absorb, and I couldn’t absorb it as fast as Bob was reading.” Fane said it will require more careful reading by him and his lawyers before he knows what he’ll do next.

Told that Davis and commission Chairman Joseph F. Azrack had explained their vote means the commission is no longer considering three towers, Fane said that’s not how he had understood the vote.

Asked whether he will submit a more detailed proposal for just one tower, Fane said: “That’s something I have to think about.... It requires some serious thought.”

The conditions approved by the commission say Fane must:

■ Confine development of one tower to the northern portion of Parcel 42, and the development would not exceed 40 percent of the site.

■ Furnish a detailed project budget; specific information about sources of equity and debt and credible evidence they would be available concurrently with a closing on the land; and the source of state incentives to be used.

■ Secure an amendment to the city’s zoning ordinance to accommodate the tower’s height and secure approval from the State Historic Preservation Office.

The commission noted it’s “not adverse to a height in excess of” the city’s current zoning ordinance.

Before Davis introduced the resolution, he read the “key considerations.” Those include: careful consideration of whether such a building is the best use for the land Fane wants; whether a single tower is truly financially feasible; and potential impacts of a tower on plans for the nearby riverfront park.

Also, Davis said The Fane Organization had submitted financial estimates that three towers would have required $49 million in state subsidies in order to be financially feasible and one tower would need “at least $15 million.”

“Whether a single tower is truly financially feasible will require both further inquiry into its economics and a separate determination by other state agencies whether limited incentive funds will be made available for these purposes,” Davis read.

Although Fane said in December he still intended to build three towers, he asked the commission Wednesday for approval to submit more detailed plans for one tower.

The commission took him at his word, Davis said afterward, and considered only whether to proceed with one.

The commission voted after listening to its first public comment period i n i t s f i v e - y e a r h i s - tory, which lasted about an hour, and then after meeting for another hour in a closed-door session. Thirteen opponents, eight supporters and one person with no definitive stance toward the proposal addressed the commission.

Opponents included d o w n t o w n d e v e l o p e r Arnold “Buff” Chace Jr., Jewelry District resident Peter McClure, Building Bridges Providence President Sharon Steele, East Side resident Timothy Empkie, David Brussat and William Morgan.

Supporters included Gilbane Building Co. Vice President John Sinnott, Build RI Executive Director Gregory Mancini and some representatives from local unions.

Commissioners voting to advance Fane’s proposal: C o m m i s s i o n C h a i r - man Joseph F. Azrack, Davis, Elizabeth (Beppie) Huidekoper and Sandra Smith. Melissa Husband voted against. Barrett Bready was absent.

— kbramson@ providence-journal.com

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