NAI Plotkin Sells Historic Hampden Savings Bank Building in Downtown Springfield
SPRINGFIELD — NAI Plotkin, a leading commercial real-estate brokerage firm, announced it represented the seller in the sale of 1665 Main St., a 2,010-square-foot commercial building, formerly Hampden Savings Bank, located in downtown Springfield.
The building was constructed in 1918 and has a glass ceiling with an ornate supporting structure, marble walls, and copper entrance. The asset sold for $285,000, although it last assessed for $127,600. Wilfredo Lopez of NAI Plotkin was the listing broker for the property. RLTY Development Springfield LLC secured the property and, as the new owner, plans to complete restoration of the original bank building and open a retail cannabis location. The building is also located directly across the street from the Paramount Theater and one block from the newly renovated Union Station.
The next steps for the new owner will be to gain approval for the retail establishment by the Commonwealth’s Cannabis Control Commission, Springfield Mayor Domenic Sarno, and the City Council.
“We have had several establishments looking to either lease or buy for a recreational marijuana location in the downtown Springfield area,” Lopez said. “There is a mix of local, national, and even international companies looking to start a cannabis dispensary or cultivation site here in Western Massachusetts utilizing the Opportunity Zone Program. This program has piqued the interest of investors interested in buying property in distressed communities listed in the program. This allows them the opportunity to participate in preferential tax treatment and possibly be able to defer or eliminate their tax on capital gains over time. I have worked with several owners and investors in the Opportunity Zone and have been involved in many conversations regarding these opportunities. I look forward to assisting anyone looking to invest in one of these Opportunity Zones.”