Eastward Co. Buys Bank Of America Property

By: Tim Wood

Topics: Development

The former Bank of America building on Old Harbor Road. TIM WOOD PHOTO

CHATHAM –Eastward Companies has purchased the former Bank of America property at 168 Old Harbor Rd.

The Chatham-based development company is proposing to create two residential home lots on the site.

The 42,356-square-foot parcel is located in a residential zone with a minimum lot size of 20,000 square feet. Eastward MBT LLC, the official entity that purchased the property, filed a two-lot definitive subdivision plan with the town last week. The planning board will hold a hearing on the plan on Tuesday, Oct. 9.

The plans show one 20,016-square-foot lot with 152 feet of frontage on Old Harbor Road, and a second panhandle lot with 20,037 square feet.

Bank of America closed its Chatham branch in March. Although bank officials gave no specific reason for the closure, they said more customers are banking online and that existing branches in South Dennis and Orleans could serve customers.

According to Barnstable County Registry of Deeds records, Eastward purchased the property from Bank of America, National Association, on Aug. 27, for $1,100,100. According to town, the property's assessed value is $995,600.