Cape Cod Five will now seek Barnstable town permits for $45M project.
HYANNIS — Cape Cod Five Cents Savings Bank has received the first round of approval for its $45 million banking center along Route 132 and is headed before the Barnstable Zoning Board of Appeals this week to begin the local review process.
The bank plans to consolidate administrative operations spread across four sites with a 2½-story, 78,000-square-foot facility that will house more than 250 employees, including an estimated 90 new hires, according to documents filed with the Cape Cod Commission. Plans also call for a three-story parking garage — which would be the first such parking structure on the Cape — and a rooftop solar array with 1,004 panels that will generate 416 megawatt-hours of electricity each year to help power the facility.
The bank will demolish two existing structures, the former Ethan Allen furniture store at 1520 Iyannough Road and one of its own buildings at 131 Attucks Lane, to make way for the new center.
The Cape Cod Commission, a 15-member regional planning body, was required to review the project because of its size. The commission issued its approval July 20, finding that the benefits of the project outweighed its detriments, and required little in the way of alterations to the bank’s plan, said Robert Talerman, first executive vice president of the bank.
“I think it’s fair to say we tried to address everything that was in the policy plan,” he said.
With commission approval in hand, the bank may begin its permitting process with the town. It is seeking several special permits from the Zoning Board of Appeals, which will begin its review at its Wednesday meeting. The bank is also pursuing a Tax Increment Financing agreement with the town, which would defray a percentage of the property tax increases that would result from the site’s redevelopment, according to documents filed with the commission.
“There’s quite a bit of permitting to do, but we’re moving as efficiently as we can and hoping that everything goes according to plan so we can be in the ground by the end of the year,” Talerman said. The bank hopes to move into the new buildings by mid-2019, he said.
Most of the employees at the new banking center will be in support areas that usually do not interact with the public, such as technology or the call center; however, the bank’s top officers will move their offices to the center, which also will include a small bank branch that will be the company’s 19th banking center. The bank does not plan to close any branches as the result of the new construction.
In nearby Independence Park, the pursuit of redeveloping an industrial space into a co-working facility aimed at local “blue economy” companies has ended for one developer.
J. Bruce MacGregor , the Brewster businessman who owns Flagship Storage LLC, turned down a $25,000 seed grant from MassDevelopment to explore the feasibility of redeveloping part of the former Cape Cod Times production center at 40 Communication Way into a co-working facility to serve local marine technology companies, according to the state’s economic development and finance authority.
The grant was announced in late 2016 as part of a broader $950,000 package from MassDevelopment’s Collaborate Workspace Program, which issued 10 full fit-out grants and 13 seed grants, including MacGregor ’s.
MacGregor bought the Independence Park location in June 2016 for $2.5 million; the Times leased 5,000 square feet of the 50,000-square-foot facility, but the rest of the building remains open for development.
MacGregor did not respond to a phone call and email seeking comment.
— Follow Sean F. Driscoll on Twitter: @seanfdriscoll.