A developer has scrapped controversial plans to build a towering skyscraper on prime land in Providence where an interstate highway was redirected more than a decade ago.
The I-195 Redevelopment District Commission announced on Friday that the Fane Organization will no longer proceed with its proposed development, as their contractual rights will expire later this month.
“We appreciate the Fanes’ interest in investing in Rhode Island and we look forward to making the parcel available for another developer,” said Marc Crisafulli, Chair of the I-195 Redevelopment District Commission in a statement.
Developer Jason Fane had waged a years-long effort to build a tower on the I-195 Commission’s parcel 42, proposed at 550-feet tall, primarily with residential apartments, at a cost of $300 million.
In an update on January 26, the I-195 Commission’s design consultant, Utile Inc., recommended that design approval not be granted, citing adverse wind impacts, and unsatisfactory tower design, podium design, and site activation plan.
“The Commission is focused on building out the District in ways that enhance our great capital city,” Crisafulli went on to state, adding, “we are excited to deliver on our mission to foster economic development. We have a robust pipeline of projects, including new lab and office space, which is a testament to the momentum we’ve helped build in Providence.”