The Rhode Island Senate today passed legislation to alter the boundaries of a parcel within the I-195 Redevelopment District. The change is necessary in order for a potential construction project to move forward.
President of the Senate Dominick J. Ruggerio (D – Dist. 4, North Providence, Providence) sponsored the legislation, 2018 S-2556, which passed the Senate unanimously.
New York developer Jason Fane has worked with the I-195 Redevelopment Commission on a proposal to construct a 46-story high-rise tower on Dyer Street. The proposal, known as Hope Point Tower, represents a reported investment of about $250 million by the developer.
The envisioned parcel reconfiguration would allow for greater depth and better positioning of the project in order to allow access and visibility for the proposed building from Dyer Street. The Commission has worked with The Fane Organization to develop a preliminary site layout.
The Federal Highway Commission has confirmed that the envisioned parcel change complies with other necessary land use limitations in the vicinity. The legislation amends the enabling statute so that the I-195 Redevelopment Commission can make the change needed for the construction project to proceed.
President Ruggerio said, “It is welcome news that a private developer is interested in investing approximately a quarter of a billion dollars in our capital city. I have watched closely as this project has been scrutinized by the I-195 Redevelopment Commission over the course of many months. The parcel modification allowed through this legislation will enable this investment in our state to proceed.”