Skyscraper developer submits tax-stabilization agreement

November 27, 2019

PROVIDENCE, R.I. (AP) — The developer of a 46-story Rhode Island skyscraper could receive $25 million in tax breaks if a city tax-stabilization agreement is approved.

The Fane Organization has filed the application from the city of Providence and asks for the tax breaks over 20 years.

The project is also eligible for up to $25 million in tax credits from the Rhode Island Commerce Corp.

According to the application, the tower is expected to be built by 2023 and will include about 500 residential apartments, 330 parking spaces and about 14,000 square feet (1,300 square meters) of street-level retail space.

In December, the city council made the controversial decision to allow the skyscraper to surpass local height limits.

If built, the tower would be the state’s tallest building.