Fitchburg former bank building to be converted into 35 apartments

A Fitchburg property developer is looking to convert a five-story office building in the city’s downtown into a 35-unit apartment building, the latest effort to convert former office space into housing in Central Massachusetts.

Paul Tocci, a developer who has been involved in other projects in Fitchburg looking to revitalize downtown properties, is eyeing to convert the 32,000-square-foot office building at 280-288 Main St. into market-rate housing, according to Jan. 21 Facebook post from Fitchburg Mayor Sam Squailia. 

Tocci purchased the building, which had most recently been utilized and owned by Spain-headquartered Santander Bank, for $1 million in April, according to Worcester Northern District Registry of Deeds records. 

The building was originally built in 1897, and has hosted the Worcester North Savings Institution, law offices, and a barber shop over the years, according to Squailia’s post. It’s been vacant since Santander left the site in 2019.

Squailia wrote Tocci’s development team is working to develop a parking plan and interior designs for the site before receiving needed planning board approvals.

Squailia told WBJ the project is on track to be discussed at the next Planning Board meeting, after an informal discussion about the project at a Planning Board meeting earlier in January.  The project is expected to be completed in the summer of 2028, according to documents shared by Squailia. 

The site overlooks the North Nashua River and the Water Street Bridge, which is being rebuilt. The conversion into housing would be part of a larger and longer effort to revitalize the former mill city’s downtown area. 

The site received a 2026 tax assessment value of $882,200, according to City of Fitchburg property records. 

Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.