Citizens Bank Announces New Corporate Campus in Johnston

Thursday, March 10, 2016

 

View Larger +

Citizens Bank announced Wednesday that it plans to build a new corporate campus in Johnston, which will bring over more than 3,200 employees primarily from the current Cranston location, whose lease is set to expire in 2018. 

The new Citizens Bank campus will be located on a currently undeveloped parcel of land on the west side of Interstate 295 in Johnston. It will include 420,000 square feet of office and meeting space including a call center and executive offices. 

Citizens announced the facility will feature dining, fitness and retail facilities for employees and fields and trails that will be available for use by the local community.

The Citizens headquarters will remain in Providence.

Citizens, Leaders on the Record

“As we continue to work towards our goal of making Citizens Bank one of the top-performing regional banks in the country, we are very excited today to announce Johnston, Rhode Island as the future home of a new Citizens campus,” said Bruce Van Saun, Citizens Chairman and CEO. “This is a great site that will allow us to cost effectively build a campus with modern amenities to suit our needs. We are grateful for the collaboration we have received from state and local officials leading up to this decision and we look forward to breaking ground later this year.”

The Citizens campus is made possible in part by infrastructure improvements like the extension of sewer lines into the area by the Narragansett Bay Commission. The project also will include the construction of a new exit for Interstate 295, the estimated cost of which will be split by the Rhode Island Department of Transportation and Citizens. A 20-year property tax agreement is pending approval from the Johnston Town Council.

“I couldn’t be more proud that Citizens is choosing to stay true to its roots by building a remarkable corporate campus here in Johnston while maintaining its headquarters in downtown Providence,” said Governor Gina M. Raimondo. “This project will bring much-needed construction jobs to our state in the short term as well as significant long-term economic activity that will contribute to Rhode Island’s comeback.”

“Today’s announcement marks a major milestone in the history of Johnston,” Johnston Mayor Joseph Polisena said. “The new Citizens campus will deliver an immediate boost to our tax base, and I fully expect that other businesses will want to come to Johnston to serve the more than 3,000 Citizens colleagues who will be here every day, creating additional jobs and tax revenue. Local residents and developers who want to build in this area also will benefit from the coming infrastructure improvements. This is a big win for Johnston. I am very proud that Citizens has chosen our town for a project of this size, and I look forward to the Citizens Bank family becoming part of our Johnston family.”
Construction is expected to commence later this year, with occupancy projected for late 2018.

 

Related Slideshow: Top 15 Business Stories in 2015

View Larger +
Prev Next

#15

View Larger +
Prev Next

#14

View Larger +
Prev Next

#13

View Larger +
Prev Next

#12

Implosion of Radio in Central Mass

The two largest radio groups in the United States who own most radio stations in the market are both on the verge of bankruptcy.

"Most of Central MA's favorite radio stations may be impacted by a building Wall Street financial meltdown in the radio industry.

The two biggest radio companies in the United States are on the verge of massive restructuring or bankruptcy, as they each have billions of dollars in debt and little chance of managing the building financial obligations.

How bad is the situation?  According to one leading radio analyst, the problem is catastrophic.  “$20.5 billion in debt for iHeart — billions more than the city of Detroit when it went bankrupt.  As I have been reporting, the venture capitalists are circling the carcass for a 2017 bankruptcy.  At Cumulus, new CEO Mary Berner has done nothing new except hire another person from outside the industry…They want to go bankrupt and her experience taking Readers Digest into Chapter 11 is her qualification to be CEO,” said Jerry Del Colliano, Publisher, Inside Music Media.

iHeart radio (formerly Clear Channel) and Cumulus are both facing in economic turmoil and those two groups combined own and operate 

“iHeart has more debt — unplayable, at double digit interest rates and the junk bond markets just crashed.  Cumulus has about $3 billion of debt that will have to be refinanced. Both are in an industry that is trending down.  Break even is the new growth in radio.  They’re both done,” said Del Colliano.

View Larger +
Prev Next

#11

Nursing Staffing in Central Ma Hospitals

View Larger +
Prev Next

#10

The Business of Marijuana

NEW: Governor Baker Approves Sale of Medical Marijuana in MA

View Larger +
Prev Next

#8

Worcester’s Foreclosure Problem is Only Getting Worse

If you think the Great Recession's housing problems are over, you are wrong. Worcester's foreclosure crisis has been bad and is now getting worse. 

Despite many aspects of the regional economy picking up, those homeowners who are underwater are still facing significant problems despite all the federal and state programs.

"So November represents the 20th consecutive month increase - we never got as low as the peak of the 1990's crisis, but we are approaching the height of 2011 now," said Grace Ross, former candidate for Governor and leading housing advocate. 

READ MORE

View Larger +
Prev Next

#7

EXCLUSIVE: New Owner Reveals Plans for Worcester’s Famous Widoff’s Bakery

 
 

Enjoy this post? Share it with others.

 
 

Sign Up for the Daily Eblast

I want to follow on Twitter

I want to Like on Facebook

X

Stay Connected — Free
Daily Email