DANBURY, Conn. — The $20 million project to create a new headquarters for Ives Bank in downtown Danbury is underway.
Late last week, Mayor Roberto Alves announced that the demolition of the YMCA, Tuxedo Junction and Hodge buildings has begun. The phased demolition of those structures will last several weeks and make way for the construction of the bank’s new headquarters, which will replicate the old Feinson building.
“Ives Bank has always been an incredible community partner, and their investment represents a continuation of the forward momentum we are driving in Danbury,” Alves said. “This project will bring 70 professionals to Main Street, increase foot traffic and help energize our local economy. It’s an exciting step toward furthering economic growth and creating a vibrant hub for our residents.”
Ives Bank President and CEO Martin Morgado pointed out that Ives Bank is the oldest continuously operating business in the city of Danbury, dating back 175 years. Its community roots are deep, and the bank has made it clear that it intends to stay in the city.
“This is an exciting milestone for us as we embark on the next phase of our Main Street project,” Morgado said. “Thanks to the support of Mayor Alves and his team, we are proud to move forward with a vision that will bring a modern, state-of-the-art building to Main Street – further advancing our mission of ‘people saving people’ and strengthening our commitment to the community’s growth and future.”
The planned four-story headquarters will be key to Main Street’s revitalization. It is expected that the project will bring new life downtown.
Economic and Community Development Advisor Farley Santos is optimistic that the project will draw professionals to the area and support local businesses that already exist there while boosting Danbury’s economy.
“Danbury’s success lies in its strategic investments and collaboration with businesses like Ives Bank. This project exemplifies how thoughtful economic development can unlock potential – not just by creating jobs, but by laying the groundwork for innovation and long-term growth,” Santos said.
Santos emphasized that Alves and the city are focused on building a downtown that “attracts talent, supports businesses and delivers meaningful opportunities for everyone who calls Danbury home.”
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Dalton Zbierski is a digital content producer and writer at FOX61 News. He can be reached at dzbierski@FOX61.com.
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