Hope Point Tower (Fane) | 250 Dyer Street | Providence

nicanbot

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This one is super contentious, but at large I am optimistic about the outcome of the area given recent movement about many of the other parcels. What do I know. Time will tell I guess! Also excited about the two new proposals for the Armory but presume that will take eons. I guess better to have projects to discuss then nothing at all :D
 

nicanbot

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I’d also echo concerns about the Industrial Trust building. Failures aside, I think good that the current administration recognizes that saving the building is vital to success. What’s a state, region, country, without a proportionally powerful/ impactful city center? If successful, even moreso important symbolically. But yea - if the building goes I go :D
 

DBM

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I’d also echo concerns about the Industrial Trust building. Failures aside, I think good that the current administration recognizes that saving the building is vital to success. What’s a state, region, country, without a proportionally powerful/ impactful city center? If successful, even moreso important symbolically. But yea - if the building goes I go :D
If the powers that be in Providence were able to muster themselves to insist that the iconic "BILTMORE" neon signage stay permanently affixed to and illuminated at the top of what is now the Graduate hotel--and surely they must've, otherwise, why would an incoming hotel operator take the initiative on its own to maintain signage that literally subverts its brand--then it would seem like a smaller lift in comparison, argumentation-wise, to insist on preserving a structure that is substantially more iconic and symbolic of Providence's identity (indeed, of the entire state, taking second place probably only to this ever-perky insect).
 

DBM

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Little late with this post but it appears that the Fane Tower got approval from a Superior Court judge that stated the tower doesn't violate any zoning regulations. Will see if this one keeps moving forward...: https://turnto10.com/news/local/court-sides-with-fane-over-zoning-for-tower
Interesting that the lead plaintiff here is the guy who conducted the now-legendary "The Superman Building has zero value [as of 2013]" appraisal. Maybe his real objection to the project isn't on zoning grounds, but, as an appraiser, is the same as mine--that it seems fantastically delusional that the Providence market could ever support a development of this type?
 

meddlepal

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that it seems fantastically delusional that the Providence market could ever support a development of this type?
This has always been the problem with this project... where's the demand?
 

DBM

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This has always been the problem with this project... where's the demand?
As a reminder, this is the proposed site for the sleek gleaming fantabulous pinnacle 'o' luxury. Why not rebrand it Tumbleweeds Tower?
 

gregrc75

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As a reminder, this is the proposed site for the sleek gleaming fantabulous pinnacle 'o' luxury. Why not rebrand it Tumbleweeds Tower?
The new sidewalk you see behind the fencing leads to a popular sleek new pedestrian bridge over the river connecting the area to the East side. That area is being redeveloped.
 

DBM

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The new sidewalk you see behind the fencing leads to a popular sleek new pedestrian bridge over the river connecting the area to the East side. That area is being redeveloped.
Yup, I'm well aware of all the good stuff happening on the parcels opened-up by the demo of the former I-195 overpass.... but if you're being asked to buy a condo for $2 million-plus--or rent for $4k per month-plus (not sure if it's spec'd for condos or apts), are you going to have the patience for that? I'm skeptical the market would support this project even if it were plunked-down in the center of Downtown Providence's cultural district--i.e., adjacent to Trinity Rep, or the Waterfire ampitheater, or on Weybossett or something. As it is, the fact it will not be surrounded by cultural amenities such that the ultra-affluent expect to have in return for such high prices, is a major liability.

EDIT: you may also recall the Mayor had something to say about the likelihood of this project's viability in the Providence market: "every responsible expert has indicated that this project is not financially viable and will fail under its own weight.”

Gee, imagine how optimistic the mayor's office would be for this project if the abutting parcels weren't already enjoying such a revitalization! <sarcasm>
 
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Lrfox

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Yup, I'm well aware of all the good stuff happening on the parcels opened-up by the demo of the former I-195 overpass.... but if you're being asked to buy a condo for $2 million-plus--or rent for $4k per month-plus (not sure if it's spec'd for condos or apts), are you going to have the patience for that?
Are we certain that's the price point on these residences?
 

DBM

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Are we certain that's the price point on these residences?
Absolutely not, so I'm glad you called out my speculation. This is the best thing I could find online in terms of the developer "opening up the kimono" in an attempt to demonstrate project feasibility--scroll down a bit to scrutinize the scans of their cost and revenue projections. Key caveat: pre-pandemic! (when everyone was already highly skeptical about the project's viability in the first place...)

Anyway... 500 rental units, 500,000 sf, per that story. In terms of comps, it looks like luxury apartments in downtown Providence might be getting $2 psf these days--this handsome Beaux Arts building is advertising on at a rate of almost exactly that ($2,695 for a 1,325 sf unit, as advertised on Zillow).

I really wouldn't know how to crunch the numbers using a blend of the scanned documents from the first article, Zillow, etc., etc. Regardless, I still don't seeing having a snowball's chance in hell of working within this market's parameters.
 

Rover

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The finances are a great discussion to have. RI has been stagnant for some time. My take is let the developer build it as long as they're not asking for a handout. Too many times people drive a hard bargain with the state since they're desperate for economic activity (Pawsox, 38 studios, etc).
 

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