It is back to the drawing board for the highly controversial Fane Tower project in Providence.
Word from the Fane Organization President Jason Fane says because of what he called "recent risk factors outside of my control" the downtown project was no longer possible.
The work has already begun on finding a new developer for the site.
The Chairman of the Redevelopment District Marc Crisafulli says they will find a new developer that will enhance the entire city economic development.
And, Ward One City Councilor John Goncalves is also speaking out.
" We all know this process took time, energy, and resources, and we want to thank the parties involved for their due diligence. Now we move in another direction. As the city councilor representing the Jewelry District and Downtown neighborhood, I look forward to working with our constituents, Marc Crisafulli, Caroline Skuncik, and the 195 Commission to find an alternative investment and feasible economic project for this integral parcel in the great city of Providence.”
Meantime, Fane wished the city of Providence all the best in finding another developer and project for the site.
(Photo Credit: Jason Fane, The Fane Organization)