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

Reply to comment by diskimone in Fane Tower project in Providence is dead by Ph886

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.