Town of Southington under contract for former bank!

The Town of Southington is under contract to purchase the former Bank of America property at 22 Main St., opposite the Town Green.

The $2.1 million deal would allow the town to continue utilizing the parking lot adjacent to the vacant bank for municipal use and help influence the future development of a prominent downtown building, according to Town Manager Alex Ricciardone.

The deal includes the sale of four parcels, comprising the bank building and 83 parking spaces. The town has been granted use of the lot for years through a lease with Bank of America for municipal parking and the annual Music on the Green and Apple Harvest Festival. Ricciardone said the potential loss of the lot would be “devastating.”

When the town learned the site was going up for auction, the finance board authorized the Town Council to spend up to $3 million. Though the town was outbid, Bank of America ultimately chose to enter a deal with municipal leaders.

The Planning & Zoning Commission at its most recent meeting approved a mandatory 8-24 referral and a favorable recommendation for the purchase to the Town Council.
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Town officials are in the “due diligence” phase of the deal. Stakeholders are expected to discuss the future of the former bank building into next year. Bank of America shuttered the branch in June 2022.