PROVIDENCE – Bank Rhode Island is providing $12 million in financing for the Johnston Towne Centre project. The financing is to the owner and developer of the project, 1450 TC LLC, according to Keb Brackenbury, senior vice president and team leader for Bank Road Island’s Commercial Real Estate Group.
The plaza of nearly 11 acres is located at 1450 Hartford Avenue.
“In addition to securing space for the relocation of our Johnston office, which is one of the bank’s original branches, we’re pleased to play such a pivotal role in seeing this entire project come to fruition,” said Brackenbury. “This particular section of Johnston, conveniently located at the junction of Interstate 295 and Route 6A , has seen significant growth over the past few years and we envision this growth to continue with the completion of Johnston Towne Centre.”
So far, Price Rite supermarket has committed to a 39,000-square-foot building and BankRI has committed to a 3,100-square-foot bank branch. Two additional buildings are planned for restaurants and a third for multiple retailers.
The first phase of development is targeted for completion in the fall.