Residences at Penny Savings Bank
Originally constructed in 1911, the Classical Revival Style building proudly anchored itself in the heart of Boston’s South End for many years. As the neighborhood slid into a state of decline, the marble and cast stone building fell victim to deferred maintenance and unsympathetic alterations. Finegold Alexander’s creative approach to adaptive reuse converted the old bank into a mixed-use development in one of Boston’s most desirable districts. The decorative canopies were recreated based on a single historic photograph. With all new building systems, the project created essential underground parking, retail space at the ground level and three floors of luxury residential units.
“This project is just another great example of buildings throughout our city that are underutilized and can make way for the much-needed housing we need in our neighborhoods. Specifically, this project includes the restoration of a beloved building on Washington Street, which will be returned to its former glory and become active with retail and residential uses.”
Boston’s Mayor Thomas M. Menino, speaking at the building’s groundbreaking
After serving as a bank, the Roman Catholic Archdiocese of Boston purchased the building in 1959 to be used as the Cardinal Cushing Center for the Spanish Speaking. It later served as a thrift shop and was vacant for over 10 years before project began. The building's transformation was important component of the revitalization of Boston’s Washington Main Street program in the South End Historic District.
"When we began the Penny Savings project, the South End was slowly recovering from a long period of urban blight. It was a delight to bring this stately building back to life and the project's success positioned it as an important anchor attracting more investment in the neighborhood. Today, the South End is one of the most sought after places to live."