Five-story development planned for downtown

A fence surrounds this former bank building at 558 Main St. in Watsonville, where Pacific Coast Development plans to demolish it and construct a five-story apartment complex on the property. (Photo by Erik Chalhoub/Register-Pajaronian)

Former bank building to be razed

WATSONVILLE — After recently wrapping up a major housing and retail project downtown, a local developer has plans to build a similar project just a block away.

Pacific Coast Development is looking to construct a five-story retail and apartment complex at 558 Main St. The project, known as The Residence at 558 Main, will include 72 housing units and about 3,000 square feet of retail space on the first floor, according to developer William Hansen.

Pacific Coast Development purchased the property in late February, he said, which features a former bank building that has remained empty since ANSR Pharmacy closed in 2017. The 8,000-square-foot Spanish-style building was originally constructed for Bank of California in 1967 at a cost of $200,000, according to a Register-Pajaronian article from December 1967.

Hansen said the building will be demolished in the next few weeks, and construction on The Residence is expected to start late this year or early 2020.

In December, Pacific Coast Development celebrated the completion of The Terrace at 445 Main St., a four-story development that includes 54 apartments and business space on the first floor, with Togo’s announced as one of the tenants so far. Hansen said all apartments have been rented.

“Downtown is the centerpiece of our community, and we feel that our continued investment in the downtown creates a better community for all,” he said. “That’s what we’re all about.”

bank-of-california-1967

The Bank of California is shown at 558 Main St. in December 1967 before it officially opened. (Register-Pajaronian file photo)

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