On Tuesday, ProMedica announced plans to relocate the company's headquarters and several other business offices to downtown Toledo.
The health system's new home will be the former Toledo Edison Steam Plant and the KeyBank office building on Summit Street.
The move will bring approximately 700 administrative employees together into one central location. ProMedica has more than 15,000 employees in northwest Ohio and southeast Michigan.
â??While there has been some positive economic development downtown, this will bring hundreds of people downtown and will help spur additional economic development growth," Toledo Mayor D. Michael Collins said of the announcement.
The City of Toledo's Public Information, Lisa Ward, also tells WNWO that Mayor Collins has been supportive of and updated on the company's plans for some time.
Ward adds that part of the move may involve the construction of an underground parking facility that could be built beneath Promenade Park.
Promedica says it "is currently reviewing multiple options with Toledo city officials regarding parking."
The proposal to build a parking garage under Promenade Park is something that the administration of former Toledo Mayor Mike Bell did not support, according to Ward.
ProMedica officials say they have already signed a letter of intent with KeyBank to purchase its regional office building next to the steam plant on Summit Street. The intent is for KeyBank to retain one floor for its employees and ProMedica to occupy the other floors.
ProMedica plans to renovate the steam plant to create several levels that will establish an open, contemporary environment.
ProMedica officials say they will preserve architectural elements of the historic steam plant. There are also discussions between ProMedica and another community partner about the possibility of bringing a fitness center to the downtown campus.
The estimated cost of the project is expected to range from $20 million to $40 million. Funding will come from multiple sources, including the sale of existing ProMedica-owned properties acquired over the past decade to accommodate its growing business operations and workforce, and by applying for potential historical tax credits.
According to President and Chief Executive Officer Randy Oostra, the decision to move downtown will be a positive one for ProMedica and signifies the organization's strong and ongoing commitment to Toledo.
"We feel strongly about making a commitment to downtown Toledo and playing a key role in its revitalization, said Oostra.â??ProMedica is deeply invested in this community and we look forward to all of the exciting possibilities for our city that could come out of this new partnership with the city, KeyBank and other area businesses."
ProMedica officials say the steam plant was chosen because of its rich history and proximity to the riverfront.