NEW: 195 Commission Gives Fane Drop Dead Date on Tower Project

Thursday, October 10, 2019

GoLocalProv Business Team

Fane Tower

The 195 Commission has issued a warning to developer Jason Fane -- with a drop dead date.

In a letter sent Thursday, the Commission told Fane they will not give him any further extensions on the filing date for a Tax Stabilization Agreement (TSA) on the proposed project on the former I-195 land.

Fane’s lawyers had requested an extension on its filing for a TSA with the Commission from its original due date of June 30, 2019 to December 1, 2019.

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“We hereby extend the TSA filing date under the Purchase Agreement to December 1, 2019,” wrote 195 Commission Chair Robert Davis, in a letter dated October 10, 2019 -- addressed directly to Fane.

He went on, however, to add that would be the final extension granted.

“To keep your project on track with the schedule underlying the Purchase Agreement, we must advise you that there will be no further extension of the filing date for the TSA,” warned Davis.

Commission Expresses Concerns — Sets Final Deadlines

“It concerns us that you seem to be pursuing a major project without the kind of pro forma that would ordinarily be expected,” wrote Davis.

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Developer Jason Fane. Photo: GoLocalProv.com

“We remind you that you are obligated to submit a pre-development schedule to the Commission for its reviews and approval no later than November 1st,” he added.

Davis in his letter acknowledges that the State Historic Preservation Office has its own target date of October 26 to issue a decision on the fate of the project.

The development marks the latest for Fane since the 195 Commission approved the project design at the end of September, by a vote of 5-1.

As GoLocal reported:

For nearly three years, the proposed Fane Tower has been trapped in layers of regulatory review — caught between the overlapping city and state regulatory structures

The $300 million, 46-story project is the boldest and largest private investment in the City of Providence in more than 20 years, since the construction of the Providence Place Mall in the late 1990s.