CVS to Add Two Office Buildings
By Philip Marcelo
The company plans to add 300,000 square feet of space and a significant number of new jobs near its headquarters in Highland Corporate Park, in Cumberland.
This story of statewide business interest previously appeared in a local news section.
CUMBERLAND — CVS Caremark Corp. is expanding its presence in the Highland Corporate Park, committing to the construction of two new office facilities as it seeks to create a “campus like” setting for its employees at the park, according to Mayor Daniel J. McKee.
It is part of a deal between the town, the Economic Development Foundation of Rhode Island, which owns the park, and developers Highland Hills LLC, which will give the industrial park additional acreage, bring 100 new condo units to land abutting the park and turn over 50 acres to the town for use as open space.
“This is a welcome addition to our economic-growth plan,” said McKee. “It represents a boost to our local economy and to the region.” CVS Caremark, he said, “is a big company that means an awful lot to the local economy.”
According to Scott A. Gibbs, president of the Economic Development Foundation of Rhode Island, his organization is purchasing 12 acres from the abutting landowner, Highland Hills LLC, to facilitate CVS Caremark’s request for additional space at the industrial park.
CVS Caremark, whose headquarters sits in a 500,000-square-foot building at the entrance to the park, is embarking on the construction of two facilities that will add 300,000 square feet of office space and a significant number of new jobs, say officials.
A 160,000-square-foot building will sit on land acquired from Highland Hills while another 140,000-square-foot building will sit on seven acres owned by the park.
The buildings will house “several hundred” CVS and Caremark employees, McKee said. The company intends to complete the buildings within a year, although it is unclear how much the buildings will cost. Company spokesman Michael J. DeAngelis declined to comment.
When combined with the current headquarters and another 30,000- square-foot property in the park that the company leases, the two buildings will allow CVS Caremark to “consolidate its core management into one location,” according to McKee. It is also Highland’s largest tenant.
CVS, the nation’s largest retail pharmacy chain, has been in the park since 1982, and employed about 2,200 workers at that location in 2006. It acquired pharmacy benefit manager Caremark Rx in 2007.
Meanwhile, Highland Hills LLC will move forward with the development of a property that it has struggled with for the past six years.
The company is proposing a multifamily residential project of about 100 units on 34 acres and is seeking a zone change to complete the project. The development, according to preliminary plans, would have an entrance on the industrial park’s main road.
The company has agreed to deed more than 50 acres to the town — or another entity of the town’s choosing — to be preserved as open space.
According to McKee, the project will resolve long-standing questions about the development of the property, which has resulted in a number of lawsuits against the company.
An application is before the Town Council to have the Highland Hills property rezoned from agricultural (A-1 and A-2 zoning) to industrial use (I-1 zoning). The Town Council conducted a public hearing on the application yesterday, but that was tabled until the council’s meeting in July.
Overall, “the project represents the type of development called for in the Comprehensive Plan and is consistent with the ongoing economic-development efforts in town by expanding the town’s tax base and creating a significant number high-quality jobs and at the same time allowing a business already in town to expand,” said John J. Aubin III, the town’s director of planning and community development. pmarcelo@projo.com / (401) 277-7493
Originally published by Philip Marcelo, Journal Staff Writer.
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