Windsor Federal Bank is preparing to sell its former downtown Windsor headquarters and adjoining properties to a local developer with several other redevelopment projects underway in the town center.
The bank announced it plans to sell properties at 250 and 260 Broad St. and 21 Maple Ave. to Windsor-based GRAVA Properties, headed by developer Greg Vaca. The three properties total about 0.92 acres in the heart of Windsor Center.
The sale remains pending while GRAVA conducts due diligence. A purchase price has not been disclosed.
Vaca said his company is working on the design of a redevelopment that would transform the 11,591-square-foot, 1956-vintage vacant bank building at 250 Broad St. into a first-floor restaurant space with a handful of apartments above. The neighboring 0.39-acre-lot at 260 Broad St. – currently hosting parking and a drive-through station that served the bank – is being eyed for a new apartment building of about 15 to 20 units, possibly with ground-floor retail, Vaca said.
Separated from these properties by one small lot, the quarter-acre property at 21 Maple Ave. would serve as parking for the redeveloped bank properties, Vaca said.
The properties are located across from the town Green and Town Hall.
GRAVA is nearing completion of another Windsor Center project: the $35 million transformation of a former retail center at 150 Broad St. into Founders Square, a mix of 120 apartments and retail shops. Windsor Federal is the lead lender, with Freedom Credit Union and Savers Bank also participating in the financing.
GRAVA also secured town approval in February to convert a vacant former convent at 65 Bloomfield Ave. into seven apartments. That approval followed the company’s successful petition for a zoning amendment intended to make it easier to redevelop obsolete or vacant Windsor Center properties whose previous uses were no longer viable.
Vaca said his company is committed to redeveloping the center of his hometown, where his family still lives and his company is based. He said his projects and those of other developers are accelerating changes in the area.
“We are looking to fill in the center through both small and large projects,” Vaca said.
The planned sale follows Windsor Federal’s investments in two other properties in town.
In 2024, the bank moved its headquarters to 270 Broad St. after completing a $2.5 million renovation of the 5,924-square-foot building.
Built in 1929, it previously housed a succession of banks, including Connecticut National Bank in the 1950s.
This summer, Windsor Federal paid $5.5 million for a 32,532-square-foot office building at 995 Day Hill Road, where it had leased space for years to house much of its back-office operations.
In late August, the bank said it occupied about 60% of that building, where 65 of its roughly 110 employees work. They include staff in finance, marketing, commercial lending, loan servicing and operations.
Following the purchase, Windsor Federal President and CEO Luke Kettles said owning the building would protect the bank’s investment in improvements and technology while eliminating lease payments.
In a recent news release, Kettles described the planned sale of the former headquarters as another part of the bank’s investment in Windsor.
“This transaction is not about leaving Windsor — it is about investing in Windsor,” Kettles said. “Our investment in 270 Broad Street, coupled with our recent acquisition of 995 Day Hill Road, demonstrates our unwavering commitment to this community. The planned redevelopment of our former headquarters site is another example of our belief in Windsor’s future and our desire to partner with local organizations that share that vision.”
