AuburnBank announced today that it plans to redevelop its downtown headquarters on the corner of East Magnolia Avenue and Gay Street, and that it has reached a preliminary agreement to sell some of its property to a developer that plans to build a “full-service boutique lifestyle hotel.”
AuburnBank, which moved to its current location in 1964 after being on Toomer's Corner since 1907, plans to build a new facility where the current bank sits on the corner of Magnolia and Gay. The hotel would be located farther down Magnolia Avenue, said Bob Dumas, president and CEO of AuburnBank.
"We just wanted to let the public know that we’re committed to downtown and we’re very excited about building a new facility," he said. "Of course, we’re in the early phases.
"We’re working diligently on engineering plans and those types of things."
Dumas added that the bank does not have a time line for the project yet.
"I think in the next three to four months we should have a clear vision of how long, when to start and those types of things," he said.
The announcement marks a major redevelopment for a large swath of land in downtown Auburn; AuburnBank’s headquarters sits on more than five acres fronting North Gay Street and Magnolia Avenue.
A feasibility study and ongoing planning with the developer will continue over the next few months, according to a news release by AuburnBank, which will share more information about the plans when the study is completed.
“The redevelopment of our headquarters will continue our dedication to customers, employees, shareholders, and the Auburn community. We are building for future growth and to help us meet the rapidly evolving needs of our customers,” said the release.
A representative of Lifestyle + Hotel Group, which had planned to build a Southern Living hotel on North College Street before that deal fell apart, reached out to The Villager and said the company would have no comment at this time.
This is a developing story.