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.