Share your opinion about Fane TowerSubmitted by quinntronix t3_10aumg4 in RhodeIsland
jimmygreen717 t1_j46cgpq wrote
There's a nation wide housing crisis, as the population grows but the number of individuals per household is dropping. The amount of jobs and tax dollars this will generate for the state is a good thing. Not to mention allowing Providence to catch up to other modern cities. RI has been behind the ball on a lot of things (casinos, legalizing marijuana), so I'd like to see progress
TheSausageFattener t1_j46nhco wrote
Providence is behind the ball because it hasnt developed a strong economic niche outside of being a satellite within the Boston Urban Area. A lot of its growth is the result of spillovers from Bostons strong growth and housing boom.
The tower doesnt change that dynamic to be more sustainable for RI, it just doubles down. When I-195 was moved to make way for that parcel the rationale was that the land would be used to attract new business opportunities and create an incubator for a stronger biotech niche. The 20 years of development failure since then have at best yielded 5 over 1s and a Trader Joes, or expanded/new office space for existing economic fixtures (Brown). Its better than nothing, but not good considering thats the scale of development that some suburbs achieve in their downtowns. Fane reads like a wild moonshot to try and get something to be proud of.
Rhode Islands state officials just suck at development, or perhaps they think its easy. 195 reads to me like somebody trying to emulate the aesthetics of a successful economic development strategy without understanding how to get there. Youre right that RI consistently, regularly falls behind at every turn. Quonset, Tiverton, and Newport are all cases where a casino venture could have been well executed, but that ship sailed. Hell, this parcel would have been great for a casino if Encore hadn’t been built.
In my opinion a good place to start smashing zoning and developing is Warwick and Pawtucket. Jefferson Boulevard is full of wasted potential and its a shame that its train station is basically going to waste.
barsoapguy t1_j47cbk9 wrote
Casinos are awful they produce nothing of value to society, we are better off without them.
Just places where poor people who are desperate and bad at math can lose their money.
TheSausageFattener t1_j47wr3h wrote
From an ethical standpoint I agree. I don't think a casino alone necessarily gives a state a real competitive edge. I've been to some miserable towns whose sole enterprise is an enormous towering casino and its sad. Niagara NY isn't exactly fun.
From an economic standpoint, Rhode Island's economy is so heavily dependent on tourism and the service industry that it could use anything that helps to draw more foot traffic downtown, including in the off season. It may help to complement existing strengths Providence has with its music, arts, and food scene. Accessibility is another major factor. RI's three main casinos are either closed (Newport Grand), undersized (Tiverton), or they're Twin River which is like a "local compromise" you head to instead of the larger regional attractions of Foxwoods, Mohegan, and Encore Boston Harbor. Quonset was a bit of a shame because its well poised to leverage ferry service to the Vineyard, Newport, and Providence and there was an abundance of available open parcels. They're now parking lots, solar farms, or storage areas with scattered manufacturing facilities - and GDEB and Toray provide good jobs - but again it could have been a bit more strategically used.
Trust me, I'd rather have a company like Samsonite set up offices. Hell, I'd even compromise with Hasbro moving downtown. But, they aren't. The Superman building can't even get going with a tenant thanks to its clown of an owner.
Edit: BTW most of my blame here is laid squarely at the state for not lighting a fire under the asses of communities outside of Providence, and also Providence, to upzone or engage in some more conscientious regional planning. It's a small state. It should not be this cumbersome.
quinntronix OP t1_j46cy1z wrote
This project is for luxury housing, not affordable housing (there’s no shortage of luxury condos). The project and developers are probably getting away tax free for decades like most developers in town. In 5-10 years the people who live there will pay taxes and shop at restaurants yay!
GotenRocko t1_j46fqfz wrote
the biggest opponents of this project are the other luxury apartment building owners since this will increase the supply of housing by a lot and lower prices for their rentals. I think that's a good thing.
dishwashersafe t1_j46mxzl wrote
Affordability is mostly a matter of supply and demand. Most new construction isn't affordable the same way most new cars aren't affordable, but there won't be used cars on the market if no one buys the new ones. This will lower rents across the city as rich people move here instead of outbidding you on what should be cheaper places. This explains it well.
MarlKarx-1818 t1_j471stw wrote
Does that assume the rich people moving there will come from Providence itself? And not Boston or other areas? I also think new construction could be affordable, we just need to put down the public money to make it so. I'm not necessarily against the tower tbf.
The_Sneakiest_Sneak t1_j47b30x wrote
There’s already plenty of rich people moving from Boston to Providence regardless. It’s better for them to be competing for new luxury apartments that most people can’t afford, than competing for the limited existing housing against the Rhode Islanders who are already struggling and getting outbid.
MarlKarx-1818 t1_j47b7zo wrote
That's a good point
dishwashersafe t1_j47pgln wrote
It assumes people tend to decide where they want to live, then figure out housing. A new luxury apartment complex doesn't influence rich people from Boston moving here anymore than an old affordable housing project in Worcester influences you to move there.
tru3no t1_j46ff1j wrote
F*ck affordable housing... lets rich people move in and spend money in town and pay the ridiculously high taxes we pay... build affordable housing outside of the downtown Providence.... Pawtucket, Central Falls, Johnston, Cranston all this can used the affordable housing you talk..
Bronnakus t1_j46gcpl wrote
“Probably” you don’t even know for sure 💀💀 literally arguing with a straw man here
degggendorf t1_j47x1e1 wrote
>probably getting away tax free for decades
Why get upset about a guess when you could take a second to learn the actual answer?
> The high-rise luxury apartment building planned for Dyer Street in Providence would get more than $54 million in property tax breaks over 20 years, according to newly released projections by the tax assessor.
>The Hope Point Tower, often referred to as the Fane tower, would still pay about $69 million in property taxes over the course of their tax stabilization agreement (TSA), compared to $123 million if there was no TSA.
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