First Federal Bank to build new downtown Twin Falls campus building
The Twin Falls Urban Renewal Agency signed an agreement Tuesday to sell an underutilized parking lot in downtown Twin Falls to First Federal Savings Bank for the construction of a 20,000 square-foot financial services building to expand First Federal’s downtown campus.
The new campus will help the bank expand its services and continue one of TFURA’s missions, which is to revitalize downtown Twin Falls by attracting or retaining employees and customers, as well as increasing property values.
The project will allow First Federal to expand existing facilities at 383 Shoshone Street North, creating a modern campus that will help the bank retain and consolidate about 127 employees in downtown Twin Falls. The new building, which is being designed by Laughlin and Associates Architects, will mirror the design of First Federal’s existing building -- only on a larger scale.
"First Federal hopes that this project further demonstrates our commitment to Twin Falls and our customers,” said Alan Horner, President of First Federal Savings Bank. “We appreciate the support of the Urban Renewal Agency and the City of Twin Falls have given us to help bring this new complex to fruition. We will also be able to expand our services and products to better service our customers throughout the Magic Valley."
In June, the City of Twin Falls sold the underutilized parking lot to the TFURA for $57,800. The bank will purchase the parking lot for $60,000. Both the City and TFURA believed the lot would be better used as an economic development incentive in downtown.
“The number of lots being leased on the parking lot was consistently below 50 percent,” said Community Development
Director Mitch Humble. “It’s was one of our least used parking lots because of its location.”
After purchasing the lot from the City, TFURA requested proposals for projects that fit within its mission to revitalize downtown.
The City and TFURA were pleased that First Federal wanted to make a substantial investment in downtown, helping to continue a series of new projects that are breathing life back into the heart of Twin Falls.
“This is yet another great example of a public-private partnership between First Federal and TFURA, and the very close partnership TFURA has with the City,” said Gary Garnand, TFURA Chairman. “Its projects like this that will keep moving downtown forward.”
“First Federal is a stalwart of the Magic Valley financial picture,” said Twin Falls Mayor Greg Lanting. “We are proud that they have decided to consolidate their offices in Downtown Twin Falls continuing their support of Twin Falls and downtown.”
Other recent projects that are investing millions of dollars in downtown Twin Falls include: St. Luke’s Patient Financial Services building, Glanbia Foods new headquarters and cheese innovation center, and up to $1.25 million in new infrastructure.
(rendering: courtesy First Federal Bank)