A public hearing has been held in Danbury on plans to sell a City-owned building to Savings Bank of Danbury. The City Council is looking to put 3 Post Office Street, the former Tuxedo Junction building, back on the tax rolls.
Only three people spoke during the hearing. Mayor Dean Esposito backs the plans. Developer Joe DaSilva says he wanted to purchase the former nightclub when the City did to ensure it would never be another nightclub. He supports the bank's plans as it will not be detrimental to the quality of life of residents in his nearby apartment building. Another neighboring property owner also spoke in support.
Savings Bank of Danbury wants to construct a 35,000 square foot office building at the corner of Main and White Streets by demolishing the former nightclub and the former Regional YMCA of Western Connecticut Escape to the Arts facility. The new building would house the bank’s non-branch, back office operations.
3 Post Office Street, which has been vacant since 2015, was purchased by the City in 2017 for $395,000. According to Vision Appraisal, it's worth $606,000. Negotiations on the sale price are expected after an official appraisal is completed.
Councilman Ben Chianese opposed the sale, but supports the corner of White and Main Streets being developed by Savings Bank of Danbury. He wants the City to put the municipally-owned parcel out to bid again. But Danbury officials say the building has fallen into disrepair since the City took ownership and needs $600,000 to $1 million worth of work in order for it to be occupied by a tenant.
Former Mayor Mark Boughton is providing free consulting services to Savings Bank of Danbury.
Savings Bank of Danbury will continue to use its location at 220 Main Street as its headquarters. CEO Martin Morgado says the new location will enable them to consolidate operations and provide dynamic meeting space and operations facilities. Morgado hopes to gain all necessary approvals and have the new building opened by the end of 2023.
Savings Bank of Danbury is the oldest continuously operating business in the City, dating back to 1849. The last significant building project in Danbury for the bank was in 1999 with the construction of their location at 35 West Street. At that time, the Bank had 65 employees and $362 million in assets. Today, Savings Bank of Danbury has over 200 employees and $1.4 billion in assets.