Image courtesy of H&R Design
Savings Bank of Danbury plans to construct a new 35,000-square-foot office building in downtown Danbury for its back-office operations team.
The bank said in a statement yesterday that the new building, located at the corner of Main and White streets, has been designed to support the bank’s expansion plans.
The office at 220 Main St. will remain Savings Bank of Danbury’s headquarters, and the new building will not have a branch.
Savings Bank of Danbury said in the statement that the bank’s CEO, Martin Morgado, had worked with Danbury Mayor Joseph Cavo on the construction initiative. The proposed location is on a property owned by the YMCA and another owned by the city of Danbury.
Morgado said the bank had been looking for a location for the proposed expansion for some time.
“We are very grateful to Mayor Cavo and the City Council, and the Regional YMCA of Western Connecticut for their collaboration as we undertake this new project,” Morgado said. “We will build a first-class structure that will honor the legacy of this property and this city.
The YMCA had used the site for its Escape to the Arts operation. The adjacent lot, once known as the Tuxedo Junction building, has been vacant since 2015 and was purchased by the city in 2017.
“Our new location will enable us to consolidate our non-branch back-office operations and provide dynamic meeting space and operations facilities,” Morgado said. “As the oldest continuously operating business in the city of Danbury, with a history dating back to 1849, we are so pleased that we found the right location within the city of Danbury.”
Cavo congratulated the bank on the expansion project.
“This plan will lead to additional employment opportunities and daily foot traffic, fueling the ongoing economic revitalization of downtown,” Cavo said in the statement. “The building would be located on the corner of Main Street and White Street with excellent visibility, creating an impressive gateway to downtown Danbury. The bank has always had strong ties with this city and is a great member of our community. We look forward to seeing this landmark construction completed.”
Savings Bank of Danbury’s last significant building project in the city of Danbury was the construction of its West St. branch in 1999. The bank said it had 65 employees and $362 million in assets back then and now has over 200 employees and $1.4 billion in assets. The bank is also expanding its further in Fairfield County with plans to open a Norwalk branch later this fall.
