GREENFIELD — The long-dormant First National Bank is changing hands in hopes of redeveloping the vacant landmark into a vibrant part of downtown.
The quasi-public Greenfield Redevelopment Authority plans to take ownership of the Bank Row structure, which has been owned by the nonprofit Franklin County Community Development Corp. for the last 15 years.
Mayor William Martin said after taking ownership of the building in the coming months, the Redevelopment Authority will have a better chance of tapping funding sources that the CDC cannot.
“It’s the last downtown property that needs to be tended to,” Martin said. “There have been no solid plans from anyone else, so we’re going to take it over, and we’ve allocated some money from the (Community Development Block Grant). We’re going to see if we can save the facade and then we’ll also put together a plan for use of the building.”
CDC bought the 1929 building about 15 years ago when it was close to collapsing after years of neglect and spent almost $1 million to stabilize it. It still needs $1.5 to $3.5 million of further restoration before it can be occupied, according to CDC Executive Director John Waite.
Since it acquired the building, CDC stabilized and repaired the bank facade, installed a new roof, removed hazardous waste and replaced the windows and doors. That work was paid for through a combination of state and federal grants, several loans and fundraising efforts by the CDC.
“As we got into it, it became a very expensive building to renovate. That’s why it stalled, and it will still cost a lot to renovate,” Waite said. “It’s one of these properties that no private person would take over because it will never pay for itself.”
But because of its prominent downtown location and beauty, Waite said many people in town think the bank is worth saving.
“We’re hoping, number one, that partnership and use can be developed with any surrounding buildings, and number two, with the arts community,” Martin said. “There’s a recent survey that was completed that showed interests from dozens of artists and theater (groups).”
Waite said the CDC has explored several uses for the building over the years. It found that creating a retail space there would not be viable, as there are already a number of empty storefronts downtown and the former bank’s layout would not be conducive to that type of use.
“One of the things we don’t have is a real venue for arts and culture,” he said. “The Arts Block has been terrific, the Pushkin for a while — there’s a lot of little things, but there’s no space of that size that could really be a dynamic draw for arts, theater.”
At one point planners envisioned moving parts of the Garden Theater Cinema into the bank, allowing restoration of the movie house’s original performance stage theater, but that scheme fell through.
Waite said one idea now is to turn the bank into a 200- to 250-seat black box theater.
With the downtown’s recent cultural district designation from the state, as well as the parking garage that will be built on Olive Street in the next few years, Waite said the First National Bank is more viable than ever.
“It’s one of the last pieces of the puzzle and it makes sense for the town and the Greenfield Redevelopment Authority to take it to the next level of development,” he said.
Waite said the CDC plans to give the building to the Redevelopment Authority, and is in agreement with the town that this is the best next step. He hopes the CDC can be supportive of whatever group moves into the space.
“I can’t lie, I wish we had been able to do something years ago, but if it was easy, it would’ve been done,” Waite said.
He added, the CDC is extremely grateful to its financing partners: Greenfield Savings Bank, Mass Development Finance Agency and the Franklin Regional Council of Governments’ Brownfields program. Without their help, Waite said the CDC would not have been able to save the building.
The former bank still needs significant work, including plumbing, electrical, heating and cooling. It also needs to be brought up to seismic code before it can become occupied again. Waite said the entire project would take about a year and a half to complete.
“It’s an expensive proposition, but I think using the Greenfield Redevelopment Authority resources, the town and other partners, it can be done,” he said.