ANB Bank plans to spend up to $5 million to build a three-story building southwest of Cascade Avenue and Cimarron Street to house its downtown branch and other operations.
The 18,000-square-foot building is part of ANB's effort to move its operations into buildings it owns rather than leases. The new building will replace a 27-year-old office on the same site that was built to house the Colorado Springs Osteopathic Foundation and sold to ANB last month by a limited liability company set up by downtown developer David Jenkins.
Construction is scheduled to begin on the new building by October and completed by mid-2014 to house about 25 employees of the bank's downtown branch, commercial lending, trust and investment and cash management operations, said Lonnie Parsons, ANB's regional president in the Springs.
"We only have two leased operations, and we wanted more control of our space and parking," Parsons said Tuesday.
He said the bank started looking for locations in February and acquired the 1.09-acre downtown site last month for $2.1 million.
"We believe our new location will give customers better access to our downtown branch and will be at one of the gateways to downtown once the reconstruction of the Cimarron Street interchange (on Interstate 25) is completed," Parsons said.
ANB plans to lease out at least the top floor of the building, and perhaps part of the second floor, to other tenants until it needs the space, Parsons said.
The complex also will include drive-up banking facilities and abundant parking.
The move is part of a larger effort by ANB to expand its presence and upgrade its facilities. On Monday, the bank will reopen offices and a branch at 1130 N. Circle Drive, where it spent $2.8 million demolishing part of the building and renovating the rest. ANB also recently remodeled a branch at 1095 Garden of the Gods Road and others in Denver, Boulder, Grand Junction and Cheyenne, and it and opened a branch in Castle Rock.
Parsons said ANB is looking for a new location near either Academy or Powers boulevards for its branch at 3485 N. Academy Blvd., its only other leased facility in the Springs.
ANB Bank is owned by Denver-based Sturm Financial Group Inc. and operates 40 branches in Colorado, Kansas, Missouri and Wyoming with assets totaling $2.04 billion.
It's the second large bank project recently announced for downtown. The Bank at Broadmoor plans to demolish its existing branch at 501 S. Tejon St., one block east of ANB's site, and replace it with a 10,000-square-foot building to house its downtown operations. The bank is seeking state approval to merge with Colorado Community Bank and change its name to Northstar Bank.
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