PROVIDENCE, R.I. (WPRI) — Citing inflation and financing costs, New York developer Jason Fane is seeking to alter the design of his controversial proposed residential skyscraper in the Jewelry District.

Fane, whose firm is behind the proposed 550-foot luxury residential skyscraper on Dyer Street, has tweaked the design to reduce the number and size of balconies.

While the height of the tower itself remains unchanged, the developers said the height of the parking podium has been reduced, while additional floors of apartment units have been added.

The Fane Organization said the reduced height of the parking podium creates “a more attractive lighter presence on the streetscape.”

The developers also said the new exterior design “shows smooth harmonious curvilinear lines and rounded corners that are unmatched in Providence.”

The new design will have to go before the I-195 Redevelopment District Commission for approval. Spokesperson Cara Cromwell said Fane has not yet paid the $50,000 application fee for the redesign application.

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“The latest round of design changes preserves our core vision of an iconic modern residential tower with best-of-class amenities, a state-of-the-art gym and outdoor gardens atop the podium and breathtaking unobstructed panoramic views from almost every apartment, while dealing with a different economy than last year,” said Jason Fane, president of The Fane Organization.

“The current economy of inflation, recession and supply chain issues, increased construction costs and higher financing costs required cost reduction by more efficient design to maintain project feasibility,” Fane continued. “We now have an elegant design that can get built.”

The Fane Tower is more than seven years in the making, and has evoked fierce opposition from many who believe it’s too tall for where it’s being built, next to the pedestrian bridge on former I-195 land controlled by the state.

The tower had to receive special permission from the Providence City Council to exceed the allowed height, a zoning change that was upheld by the R.I. Supreme Court in June.

The closing date of the $3 million sale has been pushed back repeatedly, including because of the lawsuit that made its way to the state’s highest court.

The most recent closing date reported by the 195 Commission was a little more than nine months after the Supreme Court decision, placing the closing in early April.

Commission chair Bob Davis has said the state will not close on the sale of the land unless the Fane Organization has its financing and construction contracts in place. The building is expected to cost $300 million to construct.

Asked for an update on financing and construction, spokesperson Jim Malachowski said Monday approval of the new design has to come first.

“Mr. Fane has spoken with and continues in conversations with a number of entities he could finance the project through,” Malachowski said. “He has not finalized the financing as he needs approval of the design first. Similarly, the construction timeline will not be set until the design modifications have been approved.”

The proposed 46-story high-rise, if approved, would become the tallest building in Rhode Island.