After years of sitting idle along one of the most heavily-trafficked stretches in Johnston, the 10.75 acre plaza located at 1450 Hartford Avenue is taking shape as progress continues on its major redevelopment project. To fund the project, Keb Brackenbury, Senior Vice President and Team Leader of Bank Rhode Island’s (BankRI) Commercial Real Estate Group provided a $12 million debt financing package to 1450 TC, LLC.
1450 TC, LLC is the owner and developer of the site at 1450 Hartford Avenue. It is being developed as Johnston Towne Centre with six retail buildings containing a total of 94,400 square-feet and parking for 502 vehicles. At present Price Rite Supermarket has committed to a 39,000 square-foot building and BankRI has committed to a 3,100 square-foot bank branch building. Two of the additional buildings are planned for restaurants, while a third will host multiple retailers.
“In addition to securing space for the relocation of our Johnston office, which is one of BankRI’s original branches, we’re pleased to play such a pivotal role in seeing this entire project come to fruition,” said Keb Brackenbury. “This particular section of Johnston, conveniently located at the junction of Route 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.”
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The first phase of the Johnston Towne Centre redevelopment project is expected to be completed in the fall of 2013.
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