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Oh yuck. How Scotti prevailed in this, I do not know. The I195 commission had established height and size rules- now discarded for one man's vision of what should be built in our fair city????
Oh yuck. How Scotti prevailed in this, I do not know. The I195 commission had established height and size rules- now discarded for one man's vision of what should be built in our fair city????
This won't ever be built so much hullabaloo about nothing. This is a very similar situation to 110 Westminster 15 years ago. By the time it cycled through the commission and hearings and political bureaucracy, we had a housing crisis and it died along with many other projects.
We are rapidly entering the next crisis as we speak. It won't look like the last one but the appetite for this development is gone without full subsidies.
This won't ever be built so much hullabaloo about nothing.
We are rapidly entering the next crisis as we speak. It won't look like the last one but the appetite for this development is gone without full subsidies.
I tend to agree in the next 5 years. Queue up the Superman Building for subsidies. First & most important.
This won't ever be built so much hullabaloo about nothing. This is a very similar situation to 110 Westminster 15 years ago. By the time it cycled through the commission and hearings and political bureaucracy, we had a housing crisis and it died along with many other projects.
We are rapidly entering the next crisis as we speak. It won't look like the last one but the appetite for this development is gone without full subsidies.
I hope you're right but I believe it was just approved to go ahead but who knows? I wish it would die a quick natural death and a more appropriate development that meets guidelines will be approved..
This won't ever be built so much hullabaloo about nothing. This is a very similar situation to 110 Westminster 15 years ago. By the time it cycled through the commission and hearings and political bureaucracy, we had a housing crisis and it died along with many other projects.
We are rapidly entering the next crisis as we speak. It won't look like the last one but the appetite for this development is gone without full subsidies.
If that's true, then how come they're like totally, definitely, building the sooper dooper soccer stadium.....oh. Right.
Personally I think the thing looks completely out of place in Providence, but I never considered myself an "expert" when it comes to architecture.
I'll leave that to the high falootin' erudite individuals who know better.
I hope you're right but I believe it was just approved to go ahead but who knows? I wish it would die a quick natural death and a more appropriate development that meets guidelines will be approved..
This just means he's cleared one of the final permitting approvals to go ahead, but many approved projects never see the light of day. Before anything else happens, Fane first has to actually buy the land which something he's put off for some time while awaiting the approvals (and the court's decision). My guess is that the closing on the property should happen relatively quickly now, but even that's a long way from a groundbreaking ceremony.
But the big factor here is going to be obtaining financing for the project. This isn't Boston or New York where there's a laundry list of comparable projects that a lender can point to for precedent. New 1br condos in Providence aren't regularly and quickly selling for $800k and up. Fane is also not Tishman Speyer or the Related Group. His portfolio is limited to a single major tower in Toronto (and Providence isn't Toronto) and some smaller projects in New York. So lenders will also have to take that into account when deciding on whether or not to fund this. Finally, interest rates, material costs, and labor costs are also much higher than when this was originally proposed. In short, financing this is nowhere near sure thing. In fact, I'd wager he's going to have a hard time selling this to banks.
Frankly, I'd be pretty surprised if this is built as proposed. But we'll see.
Providence Preservation Society has come out again against it.....

This disappointing news is a green light for the final sale agreement for Parcel 42 and the building of a grossly inappropriate 46-story, luxury residential tower on the west side of the Providence River. We will continue to closely watch this development. Please visit our website for more information.
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