Submitted by Ph886 t3_11nzf2m in providence
Comments
Proof-Variation7005 t1_jbq0x5h wrote
Fane's surprise
UncleJimmee t1_jbq6amu wrote
Ack take your upvote Dad.
Jfrenchy t1_jbq2tgf wrote
This whole proposal has been baffling on a level I didn’t think was possible
TheSausageFattener t1_jbqkuag wrote
Investors probably agreed. From the article:
“Fane did not elaborate on specifics about the risk factors, and a spokesperson declined to comment further. But he previously said the old design was no longer feasible because of the increased cost to build the tower, prompting him to propose the new design in December.”
Somebody probably didn’t get financing.
lightningbolt1987 t1_jbr1yg1 wrote
I don’t understand how he EVER could have gotten financing, even a few years ago.
kickstand t1_jbpz9ej wrote
Good riddance.
SaltyNewEnglandCop t1_jbqs0nu wrote
Yeah, who wants economic stimulation and a revitalized city right?
kickstand t1_jbrka4z wrote
Construction jobs are temporary, but the eyesore that gets constructed lasts for decades.
Resident_Ant_6794 t1_jcc5dtq wrote
Eyesore? Who gives a shit it’s a building in a city lol
SaltyNewEnglandCop t1_jbrkvaa wrote
Oh I’m sorry, what’s the bottom limit for the number of people employed for 3-5 years with good salaries where you’d put your taste aside? All construction jobs are temporary, and the only thing that keeps construction workers employed is more construction. So this would have been a massive boost for all those people that Reddit appears to care for.
It would have been such a boost that every union was behind this project.
And your idea of an eye sore is your opinion, I would have liked to have seen this built since it would spur more to be built. This building is a leap and a jump ahead of the art deco of the Superman Building or the International design of One Financial.
And everything is better than the Brown University Brutalist library’s on Waterman.
werewolfmanjack t1_jbropeb wrote
There are things in this life that I bet you are an expert on, and I respect that. I’d side with you on whatever they are, but with architectural critiques, no - the distasteful mediocrity of the former fane tower was part of its doom. Imagine if the design had inspired? It would be getting built. It failed. This isn’t Dubai, we don’t go for that kind of soulless shit.
SaltyNewEnglandCop t1_jbt28wj wrote
Yet the Omni tower has soul? Or the Fidelity building?
What about the power plant and every other 1+5 cookie cutter design?
meme-scraperr t1_jbthse0 wrote
I agree with you man. What a shame. Just a shame it won’t be built.
kbd77 t1_jbq5ycw wrote
Oh no! Anyway
Vo_Mimbre t1_jbqi9o9 wrote
Only been in RI 13 years and this project confused me. It looked like it’d be the biggest building in an area that couldn’t support the traffic. The premise made sense, and affordable housing is super needed, and not just in areas that also require people have cars to get around.
lightningbolt1987 t1_jbr22nh wrote
Residential buildings with limited parking actually don’t generate that much traffic. 200 parking spots may only yield 20 cars coming and going at any given hour, especially in a center city environment and with remote work.
Vo_Mimbre t1_jbr4nqr wrote
Oh I didn’t realize how little parking was planned. Good to know.
Synchwave1 t1_jbt0mm9 wrote
Well said. The constant perception of fiction vs reality. People are always so negative towards development. Reality is it ever as bad as most want to believe.
[deleted] t1_jbrqgtg wrote
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Dunder72 t1_jbq4nc3 wrote
Fane and everyone else making money off this must be totally heartbroken. Everyone else...not so much
relbatnrut t1_jbq9dok wrote
Good riddance. Hopefully they can plan something that a) is in scale with the development of the surrounding area and b) provides actually affordable housing
FunLife64 t1_jbqbqi9 wrote
Affordable housing is important, but downtown Providence on the river overlooking the most expensive stretch of Providence along Benefit Street….is not where affordable housing is found in any city.
It’s such a bad argument. It’s not this building OR affordable housing.
JoeFortune1 t1_jbqg88o wrote
Benefit street used to be a poor neighborhood before it became upscale as it is now. This is our city and we should be able to demand and create affordable housing anywhere we want.
Ok_Culture_3621 t1_jbqlto1 wrote
When was benefit street poor? And which end? That was were Buddy lived and the Brown family etc, etc, etc.
SuspiciousTelephone5 t1_jbqoiq1 wrote
Back in the mid 1880's
FunLife64 t1_jbqql8h wrote
I’m not sure what that has to do with developments starting now?
JoeFortune1 t1_jbr3huu wrote
Actually it was the 1970’s before Buddy lived there
Sarcofaygo t1_jbtlu58 wrote
50 years ago? That's a long ass time ago
JoeFortune1 t1_jbxcrck wrote
True. Things change and they can change now
relbatnrut t1_jbt1vm7 wrote
Many houses on it, particularly the north end, were almost razed in the '50s because they were in terrible shape and owned by slumlords. The Providence Preservation Society was formed to save them.
FunLife64 t1_jbqrii4 wrote
If Rhode Island had more development and jobs…the housing wouldn’t be so unaffordable….
The median household income in Mass compared to RI is a 22% difference.
We lack good jobs because we don’t have good economic development and chase everything out of town because of things like it’s too tall, it blocks the abandoned Superman building, it’s too modern.
People tried to push against a building next to the interstate and Trader Joe’s that was proposed to be a company’s headquarters….because of TRAFFIC. Are you joking? What 8 story office building next to highway on/off ramps creates widespread traffic problems.
FunLife64 t1_jbswhbd wrote
Also kudos to the people that downvote better jobs! Lol what in the world
Proof-Variation7005 t1_jbqlixe wrote
How? There isn't a huge plethora of underdeveloped land and the amount of tax money it'd cost to even add 1,000 units is going to have the net effect of property taxes (rent) going up for everyone else.
JoeFortune1 t1_jbr4l3k wrote
If there is land for luxury condos, that land can be used for other things as well. Supposedly some trickle-down effect from a project like Fane will eventually benefit the people who actually need affordable housing in Providence. I don’t think it benefits the people who need it
Proof-Variation7005 t1_jbt0voy wrote
I think building affordable housing at the scale needed to make a dent takes a lot more than one parcel of land. And the city and state definitely can not afford it.
The net result of this tower not happening is we’ll have the same increasing amount of people competing for an amount of housing that isn’t increasing proportionally. Realistically, we need to be adding thousands apartments at every price point. Prices will always be high if demand outpaces supply
JoeFortune1 t1_jbtkwvw wrote
I could be incorrect but from what I’ve seen there have been multiple towers and other luxury buildings opened to high end buyers/tenants that had a very difficult time filling up and with a lot of empty spaces. Building these high end towers might theoretically lower prices down the road a few years-maybe.
The state needs to be creative and make some budgetary changes in order to afford to build housing. The state can’t afford it and people can’t afford their rent. So the only solution I ever see proposed is to build luxury condos. It’s a stretch to say this will benefit the working class and poor
relbatnrut t1_jbqdrx1 wrote
>is not where affordable housing is found in any city.
That doesn't have to be true and also isn't true in many places
See: a little city you may be familiar with https://en.m.wikipedia.org/wiki/Alfred_E._Smith_Houses. If NYC can do it, Providence can do it).
FunLife64 t1_jbqei35 wrote
Yes because nowhere screams affordable like Manhattan. 🫠🫠🫠
relbatnrut t1_jbqh3ur wrote
That is affordable (public) housing on the water. The point is that it is on the water and surrounded by some of the most expensive housing in the world and is still affordable
FunLife64 t1_jbqq3f4 wrote
They were built 70 years ago in a neighborhood that wasn’t (and still isn’t) prime in Manhattan (relative). NYC is an interesting case in affordable housing but it’s also ridiculously competitive and certainly not the most fair….
Also, the Fane Tower’s location is prime. It’s like the equivalent of Upper West Side - walkable to midtown and Central Park views??not equivalent to the Lower East Side circa 1950s. NYC is a terrible example. Lol
lightningbolt1987 t1_jbr2hlq wrote
There’s actually a tremendous amount of affordable housing in Manhattan. It’s middle income housing that’s missing.
Proof-Variation7005 t1_jbqm995 wrote
> If NYC can do it, Providence can do it).
New York City is the economic capital of the western hemisphere. The tax base is incredibly strong and Manhattan, the smallest borough, is still about 10% larger than all of Providence.
It's absurd to assume we're capable of that and that's without getting into the reality that the early 1950s and and early 2020s aren't exactly the same landscape.
Even then, New York City and Manhattan itself still aren't cheap. The rent on that development is great for the 6,000 or so households living in them but it didn't do a damn thing for everyone else.
Proof-Variation7005 t1_jbqe0rg wrote
Without dramatically increasing the amount of housing as fast as we can, there's no such thing as affordable housing.
relbatnrut t1_jbqh6bc wrote
Housing is affordable if the rent is low, hope that helps
Proof-Variation7005 t1_jbqk0kl wrote
The rent won't be low when there are more people competing for housing than there is available housing. Demand exceeds supply by a wide margin now and it's only getting worse.
There is no solution that isn't built on adding as many units as possible. We're beggars, not choosers.
ec_2000 t1_jbqlbkk wrote
This is true. Unfortunately, the whole process was a mixture of proposal and draft. I think there’s space for community input but we need to get rid of all the barriers for development and investment in the area. At the very least they should try to attract new out of state business to the area with incentives. RI’s economic indicators are so bad😭.
Proof-Variation7005 t1_jbqmze1 wrote
It's worth noting that the Fane project went through years of review and changes because of community input. Hell, it was originally going to be 3 buildings. I think the last design change was in the last year.
FunLife64 t1_jbswzxc wrote
What people fail to see in this topic is that RI doesn’t have good jobs. You can only make barebones construction so cheap. So maybe if people in this state had better job opportunities they’d also make more money!
total_life_forever t1_jbtrzwz wrote
The unavoidable problem is that any large business is going to want tax breaks and other perks that really make their coming here not a big coup for state and local governments. The hypermobility of capital has created a race to the bottom in this regard - the only way to compete with other locales for "job creation" is to give up damn near every benefit in favor of wooing the corporation. At that point you're pinning all your hopes on trickle down economics (good jobs will be created, and they'll have higher wages!) but even that is misleading because corporations routinely depress wages and conduct mass layoffs. RI doesn't have good jobs, and barring a wave of change addressing the inherent flaws in capitalism, it's mostly going to stay that way.
FunLife64 t1_jbtwvz5 wrote
Giving tax breaks to companies is a standard practice to attract businesses - every single state does this.
There are certainly better “deals” than others.
But again - stomping feet and doing nothing to maintain perfect ideals is leaving Rhode Island behind.
It goes with this project too. We need housing!!! But actually it’s too tall and I don’t love the design and it will block me from taking pictures of the Superman Building. So I’ll complain anywhere I can to try to sabotage the project.
It’s just not a helpful mentality. Same with the example I mentioned above - people were against bringing a sub-10 story building company HQ to an undeveloped plot of land….cause of traffic concerns.
There’s a loud subset of population here that is literally against any development that’s not exactly what THEY want.
relbatnrut t1_jbqoemv wrote
Developers develop when it's profitable. It's profitable right now to develop luxury housing because owners can be sure that they will make a shitload of money in rent. It's not as profitable to develop affordable housing, since the rent recouped is far lower.
Yes, we should build. And one of the arguments for building is that rich people will stop occupying otherwise affordable housing and move into luxury developments. But there are only so many rich people, and at a certain point, building luxury housing will no longer be profitable and the filtering effect will diminish. Without that incentive, developers will have to accept a far lower profit and build housing for normal people, and it's not clear that they will do so.
That's why we need a public developer unmoored from the profit motive. It's also why we should fight to make sure larger allocations of affordable housing are included in luxury developments, because that's a unit you know will be affordable, as opposed to a theoretical unit that might open up because a rich person moves into a luxury development.
Synchwave1 t1_jbt186w wrote
Affordable housing is important from a humanitarian perspective and a horrible investment. For a city facing long term budget deficits, it can’t afford to give up prime land targeting individuals who will provide very little to the economic growth and stability of the city.
It’s not the kindest take, but it’s reality.
relbatnrut t1_jbuhgqf wrote
If people don't have to spend 60% of their income on rent they can contribute more to the rest of the economy. That helps everyone.
ghogan1010 t1_jbui2nt wrote
And unless you’re looking to subsidize the private citizens who own those properties and charge rents based off supply and demand, Peter Pan is waiting for you in Neverland.
There’s a BILLION scenarios that would’ve could’ve should’ve. Let’s deal with what is. What is is a great opportunity for Providence to have a renaissance within the downtown and bordering areas. They can become a higher end community that attracts a lot of great businesses and reflective of a State Capitol that sits beautifully between Boston and New York. The benefits of that will be a city filled with vibrancy able to spend on other projects that can help affordable housing, etc.
relbatnrut t1_jbuiyhy wrote
> And unless you’re looking to subsidize the private citizens who own those properties and charge rents based off supply and demand, Peter Pan is waiting for you in Neverland. >
I'd rather have rent control but you do you
ghogan1010 t1_jbujj76 wrote
Rent control won’t lower rents. It’ll slow the pace of rental increases. Something I’m completely on board with and I own rental properties. I think there’s been too much advantageous gouging in the last couple years.
Again reality vs fiction. You’re never going to eliminate the landlord/tenant dynamic. It’s been around forever in various forms. You can restrict, make it more tenant friendly, but at the end of the day tenancy/affordable housing does not accomplish much more than making a select group of people feel better about themselves. Rising tide raises all ships. Raise the tide of Providence economic situation, all classes will benefit. They won’t benefit downtown or in immediate areas, but they’ll benefit.
relbatnrut t1_jbukhf5 wrote
Trickle down sounds good but it never actually works
ghogan1010 t1_jbula6t wrote
Of course it does. The poorest of the poor in this country and this area live lives that people in other parts of the world or other parts of the country would kill for.
It’s a matter of perspective. Poor are never not going to be poor. There’s always going to be someone who has more than someone else. But success, growth, capitalism allow programs like Obamacare, voucher programs, snap benefits to exist. Progress requires success. It’s a step in the process most “community advocates” can’t seem to grasp. You can’t create something from nothing.
total_life_forever t1_jbtsf0s wrote
Your take is missing the corresponding, accompanying fact that, countrywide, corporations and billionaires should be properly taxed to address precisely this kind of situation.
It's really a glaring thing to omit. We know what the solution should be, it's just unpopular amongst political donors.
ghogan1010 t1_jbtsv5p wrote
I don’t live in the world of make believe and utopia. In a perfect world a lot of things happen. In reality affordable housing doesn’t draw anything that historically leads to economic growth and prosperity.
If I want hypotheticals I’ll take a philosophy class. Business deals in what is it. Reality is reality regardless of what something should be. Affordable housing units can be a part of a broader initiative. The city is guilty of lacking forward planning.
total_life_forever t1_jbttfgn wrote
So you don't think change is achievable in the political progress? You don't believe in democracy? Because the solution is sitting right there.
Your self-defeating (and kinda smug) attitude is a major obstacle in attaining this.
ghogan1010 t1_jbu2p3u wrote
I don’t think we value the same kind of change. I want progressive development to create solvency that enables the city to focus on humanitarian efforts. You can’t start at the bottom and work upwards, that’s not how the world works.
Unfortunately, those with the least to contribute at least in terms of job creation and revenue are the last to reap the benefits. It’s capitalism at work. I’m of the mindset you promote and develop a sound economic policy and you invest in entitlement with the reward of successful policy. There’s plenty of sections of the city and of Pawtucket and surrounding areas that would be perfect areas for affordable housing. Waterfront property minutes to downtown of the State Capital should literally never even be considered for such a project.
[deleted] t1_jbqlmro wrote
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SaltyNewEnglandCop t1_jbqs3j4 wrote
Because god forbid we built up to help with sprawl.
diskimone t1_jbr2pwp wrote
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
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
TheSausageFattener t1_jbt80tl wrote
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
Yeah the people talking as if Fane Tower was going to house offices for GE or something make me laugh.
HalfManHalfCornball t1_jbq8an9 wrote
From an opportunity perspective. With future growth and future opportunity in mind, would you say this is a loss or win for Providence?
lightningbolt1987 t1_jbr27hm wrote
A W: now the site can actually be developed.
hodgeybeats t1_jbqwme0 wrote
This is an L in the same way it’s an L I never made the NBA: It was never going to happen.
But Big w for a thoughtful, reasonable and most importantly feasible project on this parcel.
FunLife64 t1_jbqbez2 wrote
Um it’s nothing but an L.
The demand is there and it’s an area that can have significant economic development….but hardly anywhere to live. Not a recipe to attract business.
Automatic-Attempt-81 t1_jbqm98a wrote
Massive L
realbadaccountant t1_jbqfjff wrote
Huge L. Millions lost in tax revenue. No new businesses stemming from this development. No jobs. NIMBY scum wins again.
diskimone t1_jbr1w1f wrote
Taxes from what? The building itself was getting an enormous tax break to be built, and the people it was catering to work out of state or are students. Sure, there would have been a couple businesses on the first level, but not enough to account for millions in tax revenue. My whole problem with the entire boondoggle was there was no clear way for the city to make money on it.
Proof-Variation7005 t1_jbt1bca wrote
A tax break doesn’t mean $0 in property tax. And residents who work for an out of state job still pay income tax. They still buy things and pay sales tax. They still patronize local businesses.
Right now, the city and state are on like year 12 of making $0 off that land. This project dying guarantees another 5+ years of that.
realbadaccountant t1_jbspiip wrote
News flash: we want people from out of state with money moving here. They bring high education levels, improving the labor market and attracting business.
But even ignoring that point, the taxes would be from the businesses and people living in that building along with all the jobs building it would have created for several years, and the additional businesses that would have been able to open as a result of the influx of high earners providence sorely needed for its tax base.
But even ignoring that indisputable point, we need more units of housing EVERYWHERE at all levels. This is basic supply and demand. Now we get nothing for at least 10 more years. Watch as NIMBY heads explode at whatever new project is proposed. They will find some excuse.
Oblivious-abe-69 t1_jbsy92j wrote
Luckily RI/Prov has some decent renters protections, like absent landlords pay more in taxes, collecting last months rent isn’t allowed. however with or without new housing eventually a lot of the less nice areas will get gentrified as more and more people move to the city
JuciestDingleBerry t1_jbtvn7u wrote
Bullshit. They could build mid level housing if they actually want more housing and make it affordable instead of putting a skyscraper with a few reasonably priced units.
realbadaccountant t1_jbtyive wrote
Developers need profit incentives. Housing doesn’t just happen, no matter how hard people wish.
JuciestDingleBerry t1_jbu0vtl wrote
So you can't profit off of mid-level housing with storefronts? Look at what they did right across the river with trader Joe's and housing. You don't need a skyscraper to generate money.
kbd77 t1_jbrvvir wrote
Username checks out
TheSausageFattener t1_jbq3s9v wrote
Hopefully the next residential building there has a better possibility of actually happening instead of stringing people along.
meme-scraperr t1_jbti2rn wrote
They didn’t string anyone along, they just got hit with a bunch of legal action. It’s been 7 years since proposal, a lot changes
realbadaccountant t1_jbqfcbt wrote
The city just lost many millions. Instead of getting tons of property taxes the City gets nothing and the homeowners will have to make up the difference. Oh well. Not like there’s a housing shortage, pension deficit and educational crisis. I’m sure they have plenty of time to wait another 5 years so NIMBYs can prevent housing again.
lightningbolt1987 t1_jbr2pa9 wrote
The city didn’t lose millions. This project was never possible. Now something else can ACTUALLY get built here and the city will get tax revenue.
realbadaccountant t1_jbr32ci wrote
It’s going to take many years and for a much lower tax base increase. If we had land value tax it wouldn’t matter but the building size matters.
meme-scraperr t1_jbticn0 wrote
Yay for the 3 story office building that will get put there, or another park full of crazy homeless people!!
Automatic-Attempt-81 t1_jbqmcyo wrote
Yep. Main reason why the city never grows
lightningbolt1987 t1_jbsl74z wrote
What does this mean? We grew by 10k since the last census.
Automatic-Attempt-81 t1_jbspgyn wrote
I don’t see that anywhere on the government census website. I see a decrease in population from 2020-2021 (not unusual with COVID).
There is really no argument to be had against the thought that this city is a bit resistant to development.
relbatnrut t1_jbui0t7 wrote
https://www.census.gov/quickfacts/providencecityrhodeisland
Population, Census, April 1, 2020 190,934
Population, Census, April 1, 2010 178,042
Not sure why this is upvoted. The 2021 number is only an estimate and also is only a decrease of about 700 people from 2020.
The city has also grown every census since 1990, when it had a population of 160,728.
Automatic-Attempt-81 t1_jbuldlz wrote
As it should, I don’t disagree. I think it has potential to grow more than 1% each year lol
NickRick t1_jbqoofo wrote
Does the city need more luxury apartments? I thought there were plenty of unsold units. They put some up at station row like 15 years ago and it's full pretty empty and was used for dorms for a while.
jakejanobs t1_jbsxt19 wrote
When there is a shortage, everything for sale is “luxury”. When chickens died from bird flu, eggs became a luxury good. Things get cheaper when you make more of them. Thing get more expensive when production is blocked, whether it’s by a bird flu or angry NIMBY’s.
realbadaccountant t1_jbqp8t9 wrote
So do you honestly believe housing stays empty forever if they’re considered “luxury” and nobody can pay that price? Or do they eventually reduce the price to whatever the market will allow, get filled, the new occupants old houses become vacant, and so on. Because that is how economics works my friend.
NickRick t1_jbqq008 wrote
Hasn't worked in the last 15 years, but sure man let's build a bunch more and I'm sure they will drop the prices annnnny minute now.
MahBoy t1_jbrcuvi wrote
The median income in Providence is less than 30K/yr.
Yes, they do stay empty.
Things like this are not built because units get filled. They get built so they are hard assets on somebody's books. They get built because they're expensive tax write-offs that can be used as a 30-year asset class. They get built due to real estate speculation. None of those reasons provide any real benefit to anybody except the developers and the construction unions.
Considering that public land is being used here, there should be measurable public benefit for any development that occurs on it.
meme-scraperr t1_jbtijg3 wrote
The public benefit is that the rich kids who are buying up all the housing downtown and in fox Point can live there and open up housing for poor people it’s not hard to understand
relbatnrut t1_jbuipei wrote
And then more rich people from Boston and New York are attracted to a perfect little gentrified city and more luxury housing is built and rents are still sky high but it's okay because the filtering effect will probably kick in sometime around 2045 and housing will finally be affordable.
MahBoy t1_jbubhak wrote
Right, because the rents they were paying elsewhere are magically going to go down because they found somewhere else to live /s
meme-scraperr t1_jbubu9s wrote
Your understanding of basic economic principles is laughably bad, but actually not so funny because I share the same city with you
MahBoy t1_jbue9i0 wrote
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lightningbolt1987 t1_jbsl5pc wrote
This just isn’t true. Developers do not want empty buildings and risk default if they are empty. You’re talking about luxury condos bought by rich investors. What you’re talking about doesn’t apply to apartment buildings.
realbadaccountant t1_jbsp3mn wrote
This person doesn’t understand basic economics, nevermind accounting tricks. My god. So ignorant.
MahBoy t1_jbt0fhl wrote
K
relbatnrut t1_jbqtf8l wrote
In practice what this has done is shift the demographics of Providence, attracting rich people from Boston and New York who can afford higher prices. It's not that no one can pay these prices (see: Providence's population growing even as housing prices rise exponentially). It's that the people who can pay those prices aren't the same people in Providence who need housing.
realbadaccountant t1_jbspyoy wrote
Not how housing prices work. The market is whatever people can pay, not what developers want to charge. That’s basic economics.
D-camchow t1_jbq4vdd wrote
development is slower than a snails pace here
Ok_Culture_3621 t1_jbqm52t wrote
The I-195 land is the worst. Dealing with the city, the commission and the state, then every property owner within fifty miles with a commute through providence has standing to sue.
Wide_Television_7074 t1_jbqv5ce wrote
hearing people be so anti-development is so sad… you people are anti-progress. I don’t want to hear your excuses and weak attempts at rationale. this is a loss for the city and the state.
meme-scraperr t1_jbti5ta wrote
Agreed wholeheartedly.
wenestvedt t1_jbq1aed wrote
Hurray!
jt_tesla t1_jbq7j2w wrote
Good - PVD just saved alot of money
Proof-Variation7005 t1_jbqlr0j wrote
The city was spending nothing. The building had a tax break for when it got built, but the Fane building would still be paying a heck of a lot more than the $0 in tax revenue that Providence has collected over the last decade for the land.
Ok_Culture_3621 t1_jbqly2h wrote
On what level? Vacant lots owned by the state don’t pay taxes.
Duff_Lite t1_jbqujj7 wrote
Fane Tower is dead. Long live Fane Tower.
jconti1233 t1_jbr780s wrote
Hahahaha
DiegoForAllNeighbors t1_jbqpl91 wrote
Lol
meme-scraperr t1_jbth8wq wrote
Luddites and NIMBY’s rejoice
Double-Diamond-4507 t1_jbqath1 wrote
Good. So anyway, what's for dinner tonight?
jconti1233 t1_jbr7d95 wrote
I've had such mixed feelings about this development. What is honestly best case scenario for this piece of land?
meme-scraperr t1_jbthyst wrote
A building just like that one Lol. It would stretch downtown by several blocks and I promise the rest of the jewelry district would have seen revitalization. If you’ve driven through that area then you know it’s mostly parking lots and 1 story box stores
frenetix t1_jbtm25v wrote
Look at the Seaport District in Boston. Just 20 years ago, it too was just a wasteland full of parking lots. Then as Boston real estate prices soared, it made sense to develop there. Now it's full of residential units, offices, restaurants, night life. East Cambridge went through a similar transformation. It's not my cup of tea- I find it soulless, but it increased the amount of available housing (relieving pressure elsewhere) and increased the city's tax base. The same can be done here with the Jewelry District and other I-195 parcels.
JuciestDingleBerry t1_jbu0h9s wrote
Well I agree the seaport needed some revitalization, all they did was put up luxury housing and a bunch of glass buildings. Let's raise the price of almost everything in the area, it's a neighborhood for the affluent and Rich and a place for us people who don't have a lot of money to go spend what we have. There are other ways to boost the economy, to add affordable housing, to even make an area look nice. And so many ways the Boston seaport has had negative impacts on the city, what if they made a bunch of mid-level housing over there like in Europe? Banned cars on the road over there? It'd be a beautiful walkable place and you'd be able to create community. The seaport sucks and I'd hate to see that happen to Providence
meme-scraperr t1_jbtmcv0 wrote
Yep exactly. That building is reminiscent of a lot of Boston architecture too
[deleted] t1_jbqt258 wrote
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Automatic-Attempt-81 t1_jbqm6v9 wrote
Kind of sucks, looked cool
redd-this t1_jbrm9ge wrote
What an obscene design. Looked like the lamp in a Christmas story to me. Good riddance with this plan.
frenetix t1_jbtmtdm wrote
Frah-jee-lay? Must be Italian!
gradontripp t1_jbpz26j wrote
Feigns surprise