Jason Fane attended a public hearing Monday evening on his proposed 46-story Hope Point Tower. The Providence City Council Ordinance Committee previously rejected a zoning change that would have exempted the tower from a height limit.
The developer showed slides of the tower in context in the city and comparisons to existing tall buildings in Providence.
Fane also presented a report on the importance of the economic development and growth the tower will bring to Providence. The report was done by Edward Mazze, a business professor at the University of Rhode Island.
According to Mazze’s report, the proposed skyscraper, which is estimated to cost more than $300 million, will generate $250 million in property taxes during the first 40 years and $12.7 million during the construction period.
The report also states that the “400 to 800 residents of the apartment and condominium units could generate an additional $11.4 million for the Providence economy and support more than 115 jobs a year.”
Fane wrote in an op-ed piece in the Providence Journal Monday that the tower “would provide many exceptional benefits to Providence and Rhode Island – housing, taxes, jobs and a positive impact on the economy.”
With additional reporting by The Associated Press.
