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Savings Bank of Danbury’s plan to construct a 35,000 s / f building in Danbury is a significant investment in city center revitalization efforts
Posted on October 29, 2021
Savings Bank of Danbury today announced plans to construct a new 35,000 square foot office building at the corner of Main and White streets in Danbury.
The new building will house the Bank’s out-of-branch back-office operations team. Savings Bank of Danbury will continue to use its location at 220 Main Street, Danbury, as its headquarters. The new building is designed to accommodate the Bank’s expansion plans.
Savings Bank of Danbury CEO Martin G. Morgado worked with Danbury Mayor Joseph M. Cavo to advance the building initiative. The proposed location would be located on two adjacent properties owned by the YMCA and the Town of Danbury, respectively.
Martin Morgado said the Bank has been looking for the right location for this proposed expansion for some time. “We are very grateful to Mayor Cavo and City Council, as well as the Regional YMCA of Western Connecticut for their collaboration as we undertake this new project. We will build a first class structure that will honor the legacy of this property and this city. He added, “Our new location will allow us to consolidate our out-of-branch back-office operations and provide dynamic meeting space and operational facilities. As the oldest operating company in the town of Danbury, with a history dating back to 1849, we are delighted to have found the right location in the town of Danbury.
Danbury Mayor Joseph M. Cavo said: “We congratulate Savings Bank of Danbury on this exciting expansion project within our city center. This plan will result in additional employment opportunities and daily foot traffic, fueling the ongoing economic revitalization of the downtown area. The building would be located at the corner of Main Street and White Street with excellent visibility, creating an impressive gateway to downtown Danbury.
He added, “The Bank has always had a strong connection with this city and is a great member of our community. We can’t wait to see this historic construction completed.
The YMCA had previously used the site for its Escape to the Arts operation. The adjacent land, formerly known as the Tuxedo Junction building and which has been vacant since 2015, was purchased by the City in 2017.
Marie Misewski, CEO of the Western Connecticut Regional YMCA, said, “Savings Bank of Danbury is a great member of the Danbury community and an institution that has repeatedly shown its commitment to this region. We are happy to be a part of this project and we wish them the best.
Gary Hawley, Chairman of the Board of Directors of Danbury Savings Bank, said: “This new banking location will be a cornerstone of downtown Danbury. On behalf of the Board of Directors, we are proud to expand further into the community that has been our home for 173 years. We look forward to a very bright future.
The last major construction project in Danbury for the Bank dates back to 1999 with the construction of their location at 35 West Street in Danbury. At that time, the bank had 65 employees and $ 362 million in assets. Today, Savings Bank of Danbury has more than 200 employees and $ 1.4 billion in assets. The Bank is also expanding its presence in Fairfield County with the planned opening of a Norwalk location later this fall.