Long-regarded as an eyesore by the town, the multi-colored building at the corner of Routes 101 and 202 is expected to be torn down today to make way for the construction of a new GFA Federal Credit Union branch.
The building was most recently the site of the Magic Flute Child Toy Store, which occupied the building for about a year from the fall of 2015 to 2016, but prior to that had stood empty for more than a decade, said Select Board member Barbara Miller.
“It was essentially abandoned for 15 years, and it was allowed to deteriorate,” said Miller. “We’ve had more complaints about that building than I can count, but the town doesn’t have control of a private property unless its a danger to the public.”
But this week, the building will be leveled to make way for new construction.
The official demolition of the property will begin on Thursday, and the lot is expected to be cleared within three days, according to GFA Assistant Vice President Lynn Hebert. Construction on the new GFA branch is expected to be finished by December of 2017.
The branch will replace the current Peterborough branch, said Hebert, which will remain open until the new building is opened for business.
The new building will be significantly larger at 2,100 square feet, and will include a drive-up ATM and a banking window drive through, neither of which the current Peterborough location, located in the Monadnock Plaza, is able to provide, said Hebert. The GFA also plans to use the new location to implement additional technology innovations and a more relaxed customer atmosphere.
“The current location isn’t able to offer all the amenities that we would like,” said GFA President and CEO Tina Sbrega. “We want something more in tone with the GFA image.”
Sbrega did not have a total cost for the finished branch, which would include technology costs, but estimated the actual building would cost about $350 per square foot — approximately $735,000 — and said it was a “significant investment” into the community.
GFA Federal Credit Union has branches in Rindge and Peterborough as well as in Massachusetts.
Ashley Saari can be reached at 924-7172 ext. 244 or asaari@ledgertranscript.com. She’s on Twitter @AshleySaariMLT.