Fulton Financial Corp. is returning its sights to a major expansion project in downtown Lancaster.
The Lancaster-based bank holding company hopes to build a three-story, 60,000-square-foot office building on East King Street, across the street from its headquarters on Penn Square, officials announced Friday.
The $21 million project will include 400 additional workspaces for the company, as well as downstairs retail space for a Subway restaurant.
The project is a continuation of one Fulton started in 2010 with the purchase of a property at 23 E. King St. It paused construction in 2013 as it remodeled and added 325 workspaces to its existing buildings on Penn Square and in East Petersburg Borough.
The new plan incorporates the 23 E. King St. property, as well as one at 19-21 E. King St. that the company recently purchased. A building currently occupied by Subway on the newly acquired property will be razed.
Bank officials expect to start awarding bids and beginning demolition work in the fourth quarter of this year, with hopes of wrapping up construction by the end of 2018.
Many of the professionals Fulton signed on for the original project will be involved in the newest version of the expansion. That includes High Construction serving as owner’s representative, Rettew Associates serving as civil engineer and Philadelphia-based Francis Cauffman as architect.
The building will have an eco-friendly design and be built to Leadership in Energy and Environmental Design (LEED) specifications, said Travis Good, director of administrative services for Fulton. Designers will likely incorporate some sort of rainwater recapture system, like a green roof or a holding tank that would reuse rainwater throughout the building.
The exterior will probably be a precast limestone with plenty of windows that let in natural light throughout the building, he said. Fulton also plans to seek permission to build a pedestrian bridge over Christian Street, connecting the new space to the existing headquarters on Penn Square.
Fulton currently rents a space at 160 E. King St. The company’s 54 employees there lease will move into the new building when construction finishes.
The company has 3,700 total employees throughout Pennsylvania, Maryland, Delaware and New Jersey, where it has several subsidiary banks. It recently reported net income was up 13.4 percent for the quarter from this time last year, in part because of investments in additional commercial lending personnel.
Fulton holds 16 percent of the midstate’s market share of deposits, more than any other bank in the region.