I am encouraged by the support shown for the Hope Point Tower project by my colleagues in the Rhode Island General Assembly, most notably Senate President Dominick J. Ruggerio and Speaker of the House Nicholas A. Mattiello. I also believe that Mayor Jorge O. Elorza has been thoughtful in regards to this project and am hopeful that he will work with the developer, Jason Fane, to resolve any differences.
The Hope Point Tower represents a $300 million private investment in our City at a time when we face serious financial challenges from our pension liability and aging infrastructure. In addition to that private investment, the development will generate an estimated $4 million in tax revenue annually and will create 1,500 high-wage earning construction jobs over the next three years. This investment increases our tax base, and the economic impact of this project will be felt in all sectors of Providence.
By moving this project forward, Providence is poised to embark on one of the largest economic development plans since Providence Place Mall and the Renaissance Hotel. Like Hope Point Tower, these projects also faced criticism, and many said they could not be done. But with collaboration between the developers, city planners, and the City Council we were able to bring these projects to fruition and they are now part of the very fabric that makes our City unique and vibrant.
Over my 21-year career on the City Council, I am most proud of projects like the Hope Point Tower. Creating jobs, revitalizing neighborhoods, and making the City I love a great place to live and visit is a remarkable gift. During this time of Thanksgiving, I am thankful for the opportunity to have served, and I look forward to seeing Providence continue to grow.
—Terrence M. Hassett, Senior Deputy Majority Leader, Councilman Ward 12