Projo Biz Blog

The board of directors of the Rhode Island Economic Development Corporation has unanimously designated CVS Caremark Corp.'s expansion project a critical economic project for the state.

A "Certificate of Critical Economic Concern" awarded by the EDC speeds review of development projects by requiring state agencies to review the related plans and documents ahead of other applicants. The certificate does not guarantee those plans will be approved.

A $30-million expansion project proposed by CVS is currently under review by state and municipal agencies.

CVS wants to build two buildings with a total of 300,000 square feet in Highland Corporate Park in Cumberland, near its current headquarters building on the Woonsocket side of the park.

The company will add more than 200 new jobs in the next two to three years as part of its expansion plans.

The concept is to create a campus-like environment for its workers. Some departments already housed in company headquarters on the Woonsocket side of the park will move into the new buildings.

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