Saturday, August 1, 2015

Don't Bank On It

Former First National Bank building Amity Street, now former TD Bank location

TD Bank has given up their long-time prime location in the heart of downtown Amherst, consolidating with their much smaller branch bank on Triangle Street less than a mile away.

 Sign on front door (Bank of America across the street in reflection)

Of course Bank of American is directly across the street in their hard to miss building, and Peoples Bank is a roll of quarters throw away down Amity Street so town center is not going to necessarily suffer from a lack of banks.

But it's still not a great sign.

The building is owned by downtown developer and all around icon Barry Roberts, aka EV Realty Trust, so chances are it will not stay vacant for long.  Barry helped stimulate the revitalization of downtown by buying and renovating the former First National Bank back in 1996.

A few years (1993) earlier Roberts purchased the former College Drug store across the street after it was heavily damaged by fire.  The building was an eyesore for years because nobody wanted to deal with installing an elevator as required by building code as part of any renovation.

One of the first businesses to open in the renovated First National Bank building was Amherst Brewing Company who had great success for 15 years.   They then relocated to University Drive in a building that was originally the new home for Louis Foods Supermarket, who also abandoned their prime downtown location (now a CVS).

Amherst Brewing Company was recently taken over by Harold Tramazzo who 15 years ago founded Hanger Pub and Grill on University Drive across the street from ABC.

Before ABC had even opened in that new University Drive location Barry Roberts rerented the downtown location to the current successful High Horse Brewery & Bistro.

 TD Bank Triangle Street location, right next to Northampton Cooperative Bank

So downtown is the place to be.  Although Triangle Street, where the other TD Branch Bank is located, is still considered that place where you can always go ... downtown.

Meanwhile, another downtown small business is vacating their prime location at 35 South Pleasant Street.  Art Alive opened just two years ago, after another short lived business, 35 South Cycle (an aerobic spin class operation) failed to attract enough customers.

Art Alive (Dead as of September 1st)

20 comments:

Anonymous said...

Art alive was a joke. Such crap. Hey, won't be long before the burger place near it closes too.

Walter Graff said...

With banks going to the internet and the younger generations avoiding brick and mortar, it will only be a mater of time before any bank in Amherst needs is nothing more than an ATM. Expensive real estate when your customer base is turning to cell phones for banking.

Larry Kelley said...

Yes, a few years ago Bank of Amherica rebuilt their branch that burned down on Triangle Street as just an oversized (non staffed) ATM.

Walter Graff said...

TD is shuttering 461 of 1,212 branches that stretch from Maine to Florida and switching to ATMs. Other banks are following suit (watch Bank of America). With a large population of Amherst being under 25, the spread sheets are showing the banks the new brick and mortar reality here as we speak. Remember how the banks used to make September a big drive for business. In fact that BoA burned down just before the school year and they went into panic setting up portable tents to accommodate students. No more.

Folks won't have to worry about ugly banks in downtown Amherst in a few years, but they will have to worry about empty buildings that look like banks and 1980s eye sores. They could always build a dorm I guess. Never seems to be enough of those for a growing school population.

Anonymous said...

Yeah, those big ugly bank buildings that sit empty, like the two beautiful buildings Silverscape and the Michelson Gallery are in in Northampton.

Walter Graff said...

Sure... In Northampton, where business is welcome and encouraged. Lets see Amherst welcome a large Gap-lile chain to sell clothes out of an old bank building. Even better lets see a chain who would be interested. Other than a couple of stores in Amherst that aren't food and stay open with little more to show, those big bank buildings are just that, BIG and require revenue to stay occupied. Silverscape already read the tea leaves years ago in the Amherst and got out.

Anonymous said...

I think you will find that just such a GAP-like store will take that space.

Anonymous said...

That would be a great spot for a coffee or pizza shop. Or maybe Mr Roberts could add four more levels and turn it into a 3k a month apartment complex to bookend the Arch projects.

Anonymous said...

Capital One is opening these super-hip hybrid spaces all over Boston and elsewhere
They are: ATMs+Cafes+Community Spaces
http://cafes.capitalone360.com/Boston/

How about ATMs+Cafes+Library Addition?

Anonymous said...

Go ahead and set one up, Capital One, you'll find out wicked fast if putting an ATM in a coffee shop is a super-hip or a super-sucky idea, so the risk will be minimal.

Anonymous said...

Google "Werkstette" ("Workshop") for some interesting ways this idea play sout in Denmark, Germany….

Walter Graff said...

Yes in urban areas with lots of foot traffic. TD bank is doing smaller, hipper branches too. Not nearly enough of anything worthy in Amherst for them to do so.

Jackie M'Vemba said...

I still miss the House of Walsh.

Anonymous said...

Just what the world needs-more coffee and pizza places…

Anonymous said...

Define 'hip.' Eye of the beholder, ain't it? I find the hipper you think you are, the less hip you, in fact, are.

Walter Graff said...

In this case hip is banks trying to make a bank seem more than just a place to deposit a check. TD bank is trying to make banking "fun" as they put it. Free toasters are being replaced with free Fit Bits. Starbucks replacing free pens. Call it what you want, but those programs mentioned are happening in higher population, urban ares, not small-town USA. I just did some marketing for one of the big banks and they are trying anything to stay relevant to the younger crowds who are doing deposits and everything else on phones these days. I know I deposit all my checks via phone too and haven't been to a branch in at least a year.

Anonymous said...

That building would be a nice spot for a live music hall that could be Amherst's answer to the iron Horse.

Anonymous said...

An outsiders view of downtown Amherst is that it has an abundance of
a) pizza joints
b) banks

In the stretch of East Pleasant between (and including) Triangle and Amity there are 8 staffed banks and 5 staffed pizza joints.

Anonymous said...

Welcome to vibrant downtown Amherst anon 11:28.

Anonymous said...

Hip, though, ain't it?