Danbury Mayor Alves, Ives Bank to Launch $20M Downtown Bank HQ Project

Danbury Mayor Alves, Ives Bank Announce Demolition to Launch $20M Downtown Bank HQ Project

 Mayor Roberto L. Alves and Ives Bank today announced key updates on the new Ives Bank Headquarters: demolition of the YMCA, Tuxedo Junction, and Hodge buildings has begun. This phased demolition project is expected to last several weeks before construction on Ives Bank’s new Headquarters, which will be modeled after the old Feinson’s building, commences.

“Ives Bank has always been an incredible community partner, and their investment represents a continuation of the forward momentum we are driving in Danbury. 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.” said Mayor Roberto L. Alves.

“Ives Bank, formerly Savings Bank of Danbury, is the oldest continuously operating business in the city of Danbury, and with a 175-year history and deep roots in the community, we intend to keep our headquarters here in Danbury,” said Ives Bank President and CEO Martin G. Morgado. He continued, “Today marks an exciting milestone for us as we embark on the next phase of our Main Street project. 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 serving people’ and strengthening our commitment to the community's growth and future.”

“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. Mayor Alves’ focus remains on building a downtown that attracts talent, supports businesses, and delivers meaningful opportunities for everyone who calls Danbury home.” said Economic and Community Development Advisor Farley Santos.

The planned $20 million, four-story headquarters, in tandem with city projects will help anchor Main Street’s revitalization. Once completed, the project will bring new life downtown, drawing professionals, supporting local businesses, and contributing to Danbury’s thriving local economy. Alongside other developments nearby, including workforce housing and mixed-use projects, this investment underscores Danbury’s commitment to revitalizing its downtown while creating opportunities for growth and innovation.