diskimone t1_jbr2pwp wrote on March 11, 2023 at 1:25 AM

For those of you saying the city lose millions, where was that money coming from? The tax break on the building meant it would be paying nothing for decades, the units it was going to offer were going to be way more expensive than most of the city can afford(they were clearly targeting rich kids at Brown and people who work in Boston or NY but don't want to live there,) and the businesses it was going to house were going to be pretty small scale, like a bodega and maybe a gym. I don't see anything about this deal that was going to bring in ANY significant money to the city. I was fine with the building, it was the giant tax break that made me pause. The city has made many, many deals like that. None of them have worked out for Providence.

Proof-Variation7005 t1_jbt26wz wrote on March 11, 2023 at 2:23 PM

The TSA had them paying nothing in property tax for 3 years, not decades. The building would’ve been paying about 80 million over the first 20 years total, even with $0 in years 1-3.

By the end of year 20, they’d be paying about $9 million per year.

Idk what to tell you beyond I think you were basing your opinion off some wildly incorrect information

source here

TheSausageFattener t1_jbt80tl wrote on March 11, 2023 at 3:08 PM

The issue is this is a “would” have if it would have gotten built. There didn’t seem to be a reality here where this actually got built unless we lived back in 2015 with incredibly low interest rates.

This prostration for some vanity tower from a minor out of state developer whose marketing oozes with insincerity about how much they care about RI (just enough to convince gullible politicians) is laughable. Lets get somebody in that parcel who’ll actually build something, like a 30 story mixed use complex with some offices. Maybe seek a flagship private firm to set up a branch in there. Lets get all those parking lots near it upzoned as well.

This project was a pig with lipstick being called a prize hog. The state needs a comprehensive development strategy around major employment and transit corridors, not big shiny one-offs.

total_life_forever t1_jbtsm4j wrote on March 11, 2023 at 5:34 PM

Yeah the people talking as if Fane Tower was going to house offices for GE or something make me laugh.