GREENFIELD — The city’s Community and Economic Development Director Amy Cahillane announced last week that with two developers eyeing the former First National Bank building on Bank Row, the city plans to publish a request for proposals for the long-vacant site early this summer.

Since the quasi-public Greenfield Redevelopment Authority acquired the former First National Bank building in 2017, two potential buyers have shown interest in redeveloping the property after roughly four decades of vacancy.

“We’ve done property site visits with both of [the developers], and have had meetings one-on-one with both of them,” Cahillane said in an interview Friday. “They are both still interested and actively working on their financing and all of the things behind the scenes that they need to do to make sure that this is a project that will work financially for them.”

Cahillane advised City Council on Wednesday not to “count any chickens” before they hatch, as the developers’ plans are not yet set in stone. She clarified Friday that the developers are trying to overcome financing hurdles to the property’s redevelopment.

Of the two developers, one plans to transform the property into a food court, and the other is considering a second-floor recording studio for music or podcasts, with a first-floor, cafe-type live music hub. Cahillane said the building’s limited front access could make it challenging for bands and live entertainment to load their equipment into the venue. Challenges aside, she said both developers have plans to “thread the needle” and work around access restrictions.

“We’re trying to balance between giving them enough runway to put together a viable project and not wanting it to drag on so long,” Cahillane said. “We want something to happen with this building. We don’t want to sit here for three years and wait.”

The former First National Bank building, which last operated in 1976, consists of 6,600 square feet on both the ground floor and basement levels, along with a 670-square-foot mezzanine. It still features several elements of its earlier days, including a circular check-writing kiosk, doors to the bank safe and a corner-office fireplace. The nonprofit Franklin County Community Development Corporation owned the building for approximately 15 years prior to the Redevelopment Authority’s acquisition in 2017.

The 1920s building has a historic deed restriction, preventing the developers from significantly altering its facade without approval from the state, as well as the Historical Commission, Cahillane said.

Although the Redevelopment Authority is expected to discuss the project’s specifics at its next meeting in May, Cahillane said it is prioritizing development over profit in the sale. She referenced a failed request for proposals that was published in 2022, while explaining the Redevelopment Authority’s determination to put the building to use.

“Our goal is not to make a ton of money on it. Our goal is to see the property put back into active use and not sit there vacant,” Cahillane said. “It has had two failed RFPs already, or one failed RFP that maybe was modified and re-released.”

During initial discussions on the building’s development last summer, Redevelopment Authority member Otis Wheeler said he believed the urban food court model has been successful in other small cities and would likely make for a successful downtown business in Greenfield.

“I’ve seen the food court model work in Boston and in smaller cities,” Wheeler said in July. “I went to a really nice one down in Raleigh, North Carolina, so I like the fact that it could be doable and I’m excited to hear more.”

Anthony Cammalleri can be reached at acammalleri@recorder.com or 413-930-4429.