GREENFIELD — The Planning Board this week unanimously approved Greenfield Savings Bank’s application to change the use of the 402 Main St. building from a public library to professional office space, while also giving its blessing to a separate application from Rural Development Inc. to construct a four-story residential building and eight townhouse units.

Greenfield Savings Bank purchased the historic Leavitt-Hovey House — the former home of the Greenfield Public Library — in March for $10,000 with a plan to use it as the site of its trust and wealth management department and residential lending department. The next step is acquiring a building permit, which is expected by Jan. 16.

Robyn Provost, vice president of general contractor Mowry & Schmidt, and Jim Loynd, Greenfield Savings Bank’s vice president of security and safety, said the project’s completion date depends on when the state and federal governments rule on the bank’s state and federal tax credit applications.

The Leavitt-Hovey House, built in 1797, was added to the National Register of Historic Places in the mid-1950s. It has been vacant since Greenfield finished construction on the new library next door in the summer of 2023. The sale agreement was finalized in April 2024 after receiving signatures from the bank and Mayor Ginny Desorgher.

“We are happy to add another building to our campus and we’re going to restore it to its original grandeur,” Greenfield Savings Bank President and CEO Thomas Meshako said in April. “We’re going to put it back to its original gray with the black shutters with a white trim.”

At Thursday’s meeting at the Greenfield Fire Station, Planning Board Chair George Touloumtzis mentioned the elevator is “pretty ancient.” Provost agreed and said it will be replaced.

Vice Chair Jeff Sauser asked if trees can be added to the site. Provost said that is likely not possible but there is every intention to maintain the Spanish-American War memorial that is there. Sauser responded that he would love to see the tree canopy filled once again, and Loynd said the bank is “certainly open to considering it.”

The bank intends to extensively renovate the building while preserving its character and historical significance. There are also plans to add extra handicap parking spaces and build a fence around the building.

170-186 Main St.

The Planning Board also approved a site plan review application allowing Rural Development Inc., a Montague-based nonprofit affiliated with the Franklin County Regional Housing & Redevelopment Authority, to move forward with its plans to demolish the existing retail building at 170-186 Main St. and construct a four-story residential building and eight townhouse units. Architect Tom Chalmers mentioned the four-floor building will consist of two units on the ground floor, and the second and third floors will be identical.

Alyssa Larose, RDI’s real estate project manager and housing development director, said the nonprofit is interested in offering affordable housing for “folks who earn less than 30% of area median income, all the way up to 80% of area median income.”

“Just as an example, a single-person household earning less than $22,000 a year can qualify for 30% AMI income target,” she said on Thursday. “We can have a four-person household earning up to $87,000 a year that can qualify under 80% AMI. So the idea here is to really serve a mix of households. We know we have a growing senior population in need of more accessible affordable housing, but also to serve our workforce.”

She noted the one-story building at 176 Main St., where Moldavite Dreams is currently located, used to be three stories, but two of them were removed in the 1960s due to their poor condition.

“We’re actually really excited about this prospect of re-investing in ... Main Street and really just improving that streetscape and revitalizing this section of downtown.”

Larose said the project’s timeline is largely driven by funding deadlines. RDI will apply for low-income housing impact grants and construction will likely not begin until 2027, at the earliest.

According to Larose, RDI anticipates the demand for spots in the rear parking lot will shift when Green Fields Market moves from 144 Main St. to the former Wilson’s Department Store space. The proposal is for 14 parking spaces, a mix of ones for people with physical disabilities and some for electric vehicles. There is an intent to install electric vehicle chargers. There will also be bicycle racks and a common courtyard for tenants.

For the four-story building, RDI intends to use the water main lateral recently installed within Main Street and reuse the sanitary sewer lateral connected into 176 Main St.

Reach Domenic Poli at: dpoli@recorder.com or 413-930-4120.