Wakefield-based The Savings Bank has started construction on a new office building adjacent to its headquarters, expanding the bank’s downtown Wakefield campus.
The new two-story building at 3 Chestnut St. will house the bank’s commercial banking, human resources, training, facilities and IT departments, the bank said in a statement.
Located behind the bank’s 357 Main St. headquarters, the new building will be on a site previously occupied by Chas. F. Hartshorne & Son Insurance. The Savings Bank purchased the building in 2018 for $515,000, according to property records.
The bank said the new building will provide office space for non-branch employees working in the bank’s building in the Lakeside Office Park on North Avenue in Wakefield.
The bank expects to complete construction and begin occupying the new building in 2023.
“This is an exciting time for The Savings Bank as we begin the construction of the long-awaited expansion of our physical footprint,” Bob DiBella, president and CEO, said in the statement.
The project is being designed by architecture firm LYF Architects, and the construction team is from Essex Builders.
“LYF Architects applauds The Savings Bank’s on-going commitment to having a strong presence in Wakefield’s downtown area,” Thomas F. Galvin, LYF Architects senior architect said. “We are honored to lead the design effort to expand their footprint and services at the Main Street campus. This truly was a collaborative effort between The Savings Bank’s leadership, our design team and Essex Builders to realize this project.”
The bank said final preparations are being made for an interior design that will “provide a seamless transition” between the new building and the Main Office and Odd Fellows Building.”
The $731 million-asset The Savings Bank has eight full-service branches in Wakefield, Lynnfield, Methuen and North Reading as well as a branch at Wakefield High School.