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Fane Tower designer proposes changes to I-195 Commission


The new design for the Fane Tower at 250 Dyer Street in Providence has curves, fewer angles, and fewer apartments with balconies. (The Fane Organization)
The new design for the Fane Tower at 250 Dyer Street in Providence has curves, fewer angles, and fewer apartments with balconies. (The Fane Organization)
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Changes could be coming to the proposed Fane Tower in Providence.

The Fane Tower, which is set to be the tallest building in Providence, is in the spotlight again as the developer looks to redesign to save money.

Developer Jason Fane wants to make changes to the proposed 550-foot luxury tower that will sit on Dyer Street in the Jewelry District.

Developers say the old design, which was approved by the I-195 commission back in 2019, is becoming too expensive to build.

The commission met Wednesday night to discuss the proposed modifications.

Those working on the project say the new design is more modern, responsible and buildable.

"The reality is, in this economy the previous design simply could not be built," Fane spokesperson Jim Malachowski said in a statement to NBC 10. “Mr. Fane and his team have engaged in a comprehensive value engineering effort to modify the design, and to create a project which is financially feasible."

The new proposal allows for more apartments, totaling 618, while reducing the size of a parking podium and amount of indoor retail space.

Critics say they are concerned about several things, including the new design itself, lack of parking, the traffic it will bring and the cost of apartments.

Meanwhile, developers argue the tower will create over 1,500 direct and indirect jobs and generate over $85 million in wages during the construction period.

Developers say the tower will also "pay over $250 million in property taxes over the first 40 years of the project, and much more over the lifetime of the project," according to estimates from University of Rhode Island business professor Edward Mazze.

NBC 10's Molly Levine contributed to this report.

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