PROVIDENCE — The proposed Fane Tower, which is expected to be Rhode Island’s tallest building if it is constructed, has undergone another redesign.
After nearly seven years of legal battles and redesigns since Jason Fane first proposed the 46-story skyscraper, the developer announced late Sunday that he has made several changes to the plan.
“The current economy of inflation, recession, and supply chain issues, increased construction costs and higher financing costs required cost reduction by more efficient design to maintain project feasibility,” Fane said in a statement to the Globe. “We now have an elegant design that can get built.”
Among the changes to the 46-story skyscraper plan are a new facade design, which eliminates two floors of parking, reduces the parking podium, and scraps many of the exterior’s balconies.
In a news release sent by Fane’s spokesman Jim Malachowski, eliminating parking spaces will make way for two additional residential floors.
Fane hopes the construction cost will remain within the $300 million price tag that he previously estimated, but the tower’s revised structural concept has not changed the height of the building — which is 550 feet high. However, Fane said the redesign offers an exterior that shows “smooth harmonious curvilinear lines and rounded corners” that he said were “unmatched in Providence.”
The luxury residential tower, which would eventually be located at 250 Dyer St. in Providence on former I-195 land, will also feature outdoor gardens atop the podium, unobstructed panoramic views from the apartments, modern amenities, and a state-of-the-art gym.
The interior apartments will also feature “better layouts” with this redesign, but Fane’s statement did not go into any further details. Fane, the principal owner of The Fane Organization, has properties in New York City, Ithaca, N.Y., and in Toronto, Canada.
Malachowski said Fane submitted the redesign plans to the I-195 Redevelopment District Commission, which controls development on the land where the tower is being proposed for, on Nov. 18. The Fane Organization paid the commission the $50,000 design fee on Monday, said Malachowski.
“Fane will not set a construction date until he sees how the design review plays out,” Malachowski said.
It’s unclear when the Fane Organization hopes to construct the building, which was first proposed in November 2016 as three separate towers. Yet Fane is under a tight deadline: his company has to buy the state-owned site for $3.2 million by the end of March with a construction contract in place that details building and financing information. Fane can also request a 60-day extension.
The news comes months after the Rhode Island Supreme Court ruled in favor of Fane in June, which removed the tower’s last legal hurdle from residents who opposed to the building’s height. The city approved the development more than three years ago.