From Robert Whitcomb's "Digital Diary,'' in GoLocal24.com
If the Providence City Council decides to nix New York developer Jason Fane’s proposal for a 46-story skyscraper in the Route 195 relocation area, don’t expect a new proposal from him or indeed any proposal for the site any time soon. Interest rates are rising and while income-tax cuts targeted for the rich and companies are producing a sugar high in the economy (the stock-buyback craze is one sign of it), the economic recovery that began in 2009 is very old. A rough consensus is developing that a recession will start next year or in 2020, which would probably put the kibosh on new development in Providence for several years. Hope not!
Of course, Mr. Fane wouldn’t be facing much opposition to his tower if he built it in the large vacant lot downtown with the rest of the high-rises. But he has emphasized that he won’t consider that. Too bad!
I suspect that a lot of local real estate agents don’t like his plan because Mr. Fane’s group would grab some of the high-end business on Providence’s East Side and downtown. I have spoken to some residents of expensive houses and condos who have told me that they’d love to live in the Fane tower. (What a view down to Newport!) But they tend to keep their opinions quiet because of the intensity of the opposition.