HYANNIS – The Cape Cod Five Cents Savings Bank broke ground on their new $45 million banking campus in Hyannis Tuesday morning.
Bank officials were joined by a series of state and local officials for the groundbreaking ceremony, which officially started construction at the site on Route 132.
The project calls for redeveloping the 8.64 acre property that used to be occupied the former Ethan Allan furniture store and one of the bank’s administrative offices. Both of those buildings will be demolished to make room for the new construction.
The new energy-efficient building will be 78,000 square feet and will be outfitted with solar panels across the roof. The property will also include the first ever parking structure on Cape Cod, in what officials said is an effort to minimize land development.
About 300 Cape Cod Five employees who are currently working elsewhere across the region will work in the new facility.
The campus will also include space for community activities, such as financial education classes.
“Our goal is that it will be an economic generator, a community resource and a facility that will make the region proud,” said Dorothy Savarese,” the President and CEO of Cape Cod Five. “This campus will help the Bank support all five parts of its community commitment.”
“We feel that our future and the community’s future are so closely intertwined that we think it’s a great day for the bank and it’s a great day for the community, Savarese said.
Plans call for the new building to open in mid-2019.
Given the size of the new campus, the plans were subject to Cape Cod Commission approval. The Commission’s Executive Director Paul Niedzwiecki said the project should be considered a model for appropriate re-development on Cape Cod.
Barnstable Town Manager Mark Ells, who was formerly the town’s DPW director, said the development was exactly what officials had in mind when Route 132 was expanded to two lanes in each direction. Both Ells and Niedzwiecki said they believe that decision has helped spur new business activity in what they called “the gateway” to downtown Hyannis.
Yarmouth Port-based Brown Linquist Fenuccio & Raber Architechts, Inc. designed the facility.
By MATT MCCARTHY, CapeCod.com NewsCenter
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