Superman Gets Approval From Commerce, Fane Project Delayed, and 195 Comm Holds Session on Parcel 2
Thursday, May 12, 2022
Wednesday was a big day for big economic development projects in Rhode Island.
Some of the most costly and most controversial projects had major developments -- including the Superman building, Fane Tower, and the parcel 2 project on the 195 land.
The Superman building received approval from the RI Commerce Corporation board for $15,000,000 of Rebuild tax credits and $5.7 million in First Wave funds. The board's unanimous vote is the first approval of taxpayer funding for the proposed $223 million rehab project.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe project is slated to receive more than $70 million in additional incentives from federal historic tax credits, state incentives and subsidies, and loans, grants and tax stabilization benefits from the City of Providence.
One side note to the Commerce board vote on Superman, board member Bernie Buonanno -- the brother of Democratic candidate Helena Foulkes -- did not attend the meeting on Wednesday night. But, Buonanno was in attendance at the Investment Committee meeting on Monday, where the committee unanimously approved the incentives for Superman.
We Asked the State About the Details of the Superman Deal - Here Is What They Said - Thursday, April 14, 2022
Fane Gets Extension Into 2023
The 195 Commission has provided another extension to the proposed 46-story Fane Tower. This time the extension was granted, according to a report on WPRI, due to the ongoing litigation pending before the RI State Supreme Court.
Traffic and Parking Studies for 195's Parcel 2 Project
About 70 members of the public attended a public information session of the 195 Commission to review the agency's proposed plan to study traffic and parking for the proposed parcel 2 project.
At previous meetings of the 195 Commission, neighbors have objected to the height of the proposed apartment building, the impact of additional traffic on the College Hill and Fox Point neighborhoods.
In February, the Commission selected Urbanica to develop parcel 2, adjacent to the Michael Van Leesten Bridge.
The traffic consultant selected that the area to be studied will include the area between South Water Street, a small portion of the Wickenden Street area and then stop at Benefit Street.
The study area excludes much of the residential areas -- those streets that run between Benefit and Brook Streets, such as Arnold, John, and Williams Streets. Those areas are already being impacted by university-related traffic and parking impacts.
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