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Looking forward to getting the Fane Tower debate in the rear view mirror ASAP, so the state can focus on saving the iconic Superman Building. Destroying it, can't be an option. While I agree, the owners should not benefit from their bad investment, the state or somebody needs to wrestle the building away from them so a realistic development incentive plan can come about. Rehab estimates seem to run from $100m - $225m, depending on the reuse and end buyer.
The idea of the big downtown businesses becoming more involved is a good one. We know it's probably going to take multiple public development subsidies to lure a buyer. And the passage of time will only increase the costs. A big obstacle is parking. Which will also unlikely change with time. So, we need to get on with it.
Perhaps we need someone ready to make a $300 mill "investment" in the city........ but wait........
Name one building in the city that has been preserved by fighting progress?
I agree that an opportunity could have been missed, many ways that investing in the Superman could have been used as leverage for granting the variance.
You can't throw out "fighting progress" as a blanket statement. It's not that simple- and you know it- as has been already stated over and over.
On your second sentence, I agree, half goes into the bank rehab and half into a new modernist much shorter building.
Progress can take multiple tracks. The Superman Building needs a big corporate occupant that can make sense of its iconic stature, dated layout and unfortunate lack of parking. Joe Paolino is positioned to lead the downtown business community, along with the mayor & governor, towards finding that rare occupant. But, make no mistake, deep soul saving public subsidy will be required. Worth it in my opinion.
You can't throw out "fighting progress" as a blanket statement. It's not that simple- and you know it- as has been already stated over and over.
On your second sentence, I agree, half goes into the bank rehab and half into a new modernist much shorter building.
It's also not so simple as expecting a developer to rehab an archaic high rise building as a gesture of charity to the city. He's already taking as massive risk with the Fane Tower, as we've stated even a restored Superman will struggle to find an appropriate tenant (when we know housing will always be filled). If he is stuck with a much shorter building, what does he get in return for his investment in the Superman? A shorter building will also give him a significantly lower profit, therefore increasing his risk. All I'm saying is that it could have been used as leverage with the city possibly gaining an additional benefit in exchange for granting something that benefits him (height variance). But the fact that he is willingly investing in a financial train wreck of a city with poor infrastructure, realistically leaves the city with minimal wiggle room.
Yes it would be a very complex ordeal and likely require a partnership between Fane and another developer. Probably not feasible and would require public funds as well, but Fane clearly does want something from the city and has the $$$ to throw around. A city with ambitious and capable leadership could probably throw something together, but I understand this is Providence, Rhode Island.
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
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I really don't know why Fane is even being mentioned here. Fane doesn't do rehab projects from what I understand.
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