Private developer proposes demolition and mixed-use redevelopment with parking deck
Main Street Reserve urged full demolition of the old bank and a new mixed-use project tied to a privately financed parking deck; the presenter said demolition was the only clear path to a code-compliant, modern building and estimated a $22.5M capital stack.
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Corey Penza, lead for Main Street Reserve, told the CRA the existing structure—built in the 1950s—poses life-safety and accessibility challenges that make adaptive reuse "physically, legally and financially non-viable." He recommended demolition and a new build that would include restaurant, retail, event space and a privately developed way to deliver a municipal parking deck the city would own.
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