TOLEDO, OH (Toledo News Now) - Key Bank announced plans on Tuesday to move the company's headquarters from the Three Seagate building to the Edison Plaza Building on Madison Avenue in downtown Toledo.
Key says the move will allow ProMedica to take over the Three Seagate building. The bank also says it will invest millions of dollars to make the move happen.
KeyBank employees will occupy the entire 15th floor of the Edison Plaza building, which will continue to be owned by Toledo Edison. Thanks to evolving technology and operational efficiencies, Key will require less space than has been needed in the past, however staffing levels and operations will remain unchanged.
"This is a great opportunity for us and for the city," said Key's Regional Market President James Hoffman. "We will be investing more than $3 million in the new headquarters and are pleased to support our community at such a vital time. With this significant investment, we will continue to house our regional headquarters downtown, again demonstrating our commitment to the city."
This also means that Promedica will have access to the entire Key Bank building.
Promedica announced in February that they wanted to move 700 administrative employees downtown, using the Key Bank building and the old steam plant next door.
"Long term, the plan always was that they would occupy the whole building," said Hoffman. "They were nice enough to say we could keep a floor if we couldn't find anything else that could work. But once we found something else, this will make their renovation project simpler, less costly."
Mayor Collins says these changes are changing the look of downtown.
"Three years from now, downtown Toledo will not be even recognizable in contrast to what it looks like today. This is a very positive step," said Collins.
Promedica hopes to make the move downtown by the summer of 2016.