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Maximizing community control has been a main part of the CDC’s mission since 1979. It is with that in mind that encouraged us to accept ownership of the First National Bank Building in downtown Greenfield in November 2002.
The building, erected in 1929 and vacant for more than 30 years, is a key component in the revitalization of downtown. It is located at an important commercial site on Bank Row facing the town common at Court Square and directly opposite the town hall, and is a part of the Main Street Historic District. Prior the CDC’s ownership, the building had deteriorated to a point that private developers did not want to take on the renovations.
However, downtown Greenfield’s potential for a more vibrant economic and social culture hinges on this area. The CDC believed that making this building a productive, and even beautiful, structure would encourage the development of other underutilized buildings and provide the community with a strong sense of moving forward.
That belief is being realized. Since taking ownership the CDC has worked with many partners and secured $950,000 for stabilizing, renovating and restoring the property. The parapet, which the Town had determined to be in danger of falling, was removed and stored, all the hazardous materials have been removed and the inside cleaned out, the windows and doors have been secured for security and against the weather and a new roof has been installed. During the summer of 2009, the center window and front entrance was restored and the gold-leaf lettering was unveiled so that once again the magnificent façade graces Bank Row.
There have been many partners: The town of Greenfield used $551,100 of Community Development Block Grant funding, the CDC used an $80,000 loan from the Franklin Regional Council of Governments through the Environmental Protection Agency’s Brownfields Loan Fund, Congressman Olver was able to help secure a $200,000 grant from HUD, MA Historic Commission provided $35,000 at the beginning and the CDC has used about $100,000 of our own resources.
The CDC has investigated several uses of the building and recently the owners of the neighboring Garden Theater have expressed interest in renting the bank building for cinema operations as they are looking into renovating the main hall of the Garden Theater back into a performance space. This project started to come together during the summer of 2009 when Jordi Herold, a local developer, approached Greenfield Community College, about having their desired Performing Arts Center in the center of town. Mr. Herold purchased three buildings on Bank Row about a year ago and is interested in helping downtown become more vibrant.
Architects have completed concept drawings that show the Bank Building and the Garden Theater connected in the back. The entrance to the seven theaters and 1,000 seat performance space will be through the current Garden lobby. From there patrons can enter the performance space or proceed to the two theaters upstairs and the five theaters in the Bank Building via a short hallway. The plan also calls for a bar/lounge in the historically restored lobby of the Bank Building, which can be entered after exiting the theaters or directly from Bank Row through the grand entrance.
This plan shows great promise and it will be good for the CDC, GCC, the Garden Theater, the Town and most importantly area residents. It is not a done deal yet, but all the parties are working hard to make it happen. This building will require substantial funding to renovate and we are applying for Massachusetts Historic Tax Credits, New Market Tax Credits and a variety of other grants and loans.
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