PROVIDENCE, R.I. (WPRI) — Bank Rhode Island will soon be moving its headquarters to the capital city.

The company announced Wednesday that its new corporate headquarters will be built on the former I-195 land in Providence.

While the 240,000 square-foot building will be anchored by BankRI, it will also feature 95 residential units, ground-floor retail space and fully integrated indoor parking.

“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,” William Tsonos, BankRI’s incoming president and CEO said.

The I-195 Redevelopment District Commission selected two Providence-based companies, D+P Real Estate and Truth Box, Inc., to oversee construction and development.

“BankRI has been our financing partner here in Rhode Island for more than a decade, and we are thrilled that they choose us for their project,” D+P Real Estate Founder Jordan Durham said. “We can’t wait to deliver them a great building that maintains the unique characteristics of the East Side and brings vibrant activity to the area.”

BankRI’s new headquarters will be the first ground-up corporate office constructed in the capital city in more than a decade, according to the company.

Construction on the new six-story building is expected to begin in summer 2023.