Statement from Mayor Jorge O. Elorza on Proposed Hope Point Tower
Providence, RI- Mayor Elorza issued the following statement today regarding the proposed Hope Point Tower Project.
“I am encouraged by the increase in investment in Providence. With a half billion dollars in new development under construction, we’re a city on the rise. I appreciate the passionate dialogue I have had with community members on every side of this issue and I thank them for their commitment to making the city an even more amazing place to live, work and visit.
I have communicated to Mr. Fane that I am open to supporting his proposal, but that I have concerns that still need to be satisfied before I issue my full support.
As I have said from day one, the building’s design must be one that works for the city. For that reason, I would like the city to have final approval over the design of the project. If this building is going to reshape our skyline, then the city should be able to approve what it looks like.
Second, the developer is asking for a zoning change that will dramatically increase the value of the parcel. In exchange for this private benefit, the developer should make a contribution that benefits the public. This contribution can be used to support things such as repairs and maintenance of the pedestrian bridge or other important city priorities.
Last, we want to encourage development and disincentivize land banking. As such, the developer must start and complete the project within a reasonable timetable. If it is not completed within that time, the city will have the option of reversing the zone change.
I will seek out an agreement with the developer that addresses each of these above concerns. But before I will commit to signing the zoning change, I need to be satisfied that these concerns will be addressed.”