PROVIDENCE — Bank Rhode Island on Wednesday announced it will build a new headquarters on former Interstate-195 land in Providence, calling it the first new ground-up corporate office constructed in the city in more than a decade.
The BankRI headquarters will anchor a six-story mixed-use building on Parcels 8 and 8A of the I-195 Development District. Those parcels are at South Main and Pike streets, near the current Interstate 195 and the new Trader Joe’s grocery store site.
The I-195 Redevelopment District Commission awarded the parcels to local developers D+P Real Estate and Truth Box Inc. at its Sept. 21 meeting.
The 240,000-square-foot building also will include 95 residential units, ground-floor retail space, and indoor parking. Construction is set to begin in summer 2023.
“This is a tremendous opportunity that both supports the growth of BankRI and further deepens our commitment to the City of Providence and our entire state,” said William C. Tsonos, incoming president and CEO of BankRI.
BankRI has outgrown its current headquarters on the upper floors of the Turk’s Head building in Providence, spokesman Michael J. Cerio said.
Jordan Durham, principal and founder of D+P Real Estate, said, “BankRI has been our financing partner here in Rhode Island for more than a decade, and we are thrilled that they [chose] us for their project. We cannot wait to deliver them a great building that maintains the unique characteristics of the East Side and brings vibrant activity to the area.”
Robert Davis, chair of the I-195 Redevelopment District Commission, said the project “aligns perfectly” with the district’s mission. “We appreciate the commitment BankRI is making to Providence with this project and know that developments like this one will drive interest in the district and help us to drive economic growth in the area,” he said.
The announcement comes one day after Governor Daniel J. McKee announced that a new public health laboratory will be part of a seven-story building on another section of former Interstate-195 land. The State Health Laboratories building will be at 150 Richmond St., near the state’s Garrahy Judicial Complex and the Wexford Innovation Center.