EDITORIAL: Fane Tower Battle and Delays Unveil Deep Flaws in 195 Development

Monday, December 10, 2018

EDITORIAL

At the end of the day, it cost $1 billion to move I-195. The project that has taken decades was intended to provide the land to spark an economic resurgence for Providence and the state.

The I-195 Commission was to serve as a “one-stop” for developers — those willing to invest tens or hundreds of millions in Rhode Island would have a consolidated review process with a “top staff” and a board of prominent Providence and state officials.

Well, it's not working.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

To date, there is a publicly subsidized state nursing school, a heavily subsidized Wexford project with few new-to-market tenants (Brown and Johnson & Johnson are simply moving workers from one location to another), and an apartment building in the Jewelry District — also receiving multiple public subsidies.

Sadly, eight years after the first group of commission members were named, the process is more convoluted and more layered with regulation and delay than could ever have been imagined.

It has been more than two years since Jason Fane came to Providence and proposed building the State of Rhode Island’s largest residential project. The project will exceed $300 million, house more than 800, provide the city an estimated $4 plus million a year in new taxes and employ more than 1,400 well-paid construction jobs for three years plus.

And, it will attract wealthy residents to Providence. The height and view of the tower may be criticized by some, but it will be an unmatched residential experience in New England. The views will be superior to any other property in the region.

Neither proponents nor opponents should be subject to such a long, costly, and incoherent approval process -- a process that has allowed the lobbyist for the RI Realtors --- Council President David Salvatore -- to delay the review.

Mayor Jorge Elorza has stymied the project from moving forward despite the project receiving preliminary approval by the 195 Commission, support by legislative leaders, the governor, unions and the majority of the city council. Elorza might be interested to know that it is easier to provide more affordable housing when you have more supply, more people working, and more tax revenue.

This process, the decision-making, and the failure in leadership is a warning to developers — stay away from Providence.

The I-195 Commission needs a new structure, new powers, and new leadership.