PROVIDENCE, R.I. — A Rhode Island commission has given preliminary approval to the sale of downtown Providence property where a 46-story skyscraper is planned.

The I-195 Redevelopment Commission unanimously approved the terms of New York developer Jason Fane’s deal on Wednesday. Fane plans to buy the waterfront site for about $3.1 million and build the proposed Hope Point Tower, which would include condominiums, apartments and retail space.

Fane says investment in the project would be around $250 million.

The developer has scaled back original plans of building three towers in the space previously occupied by the interstate.

Fane’s legal counsel says they will next petition for a zoning change so his project can be taken up by the City Council. If approved, the building would be the tallest in the city.


This version corrects the name of the panel that approved the property sale to the I-195 Redevelopment Commission, not the 1-95 Redevelopment Commission.