Tompkins Financial Corporation will consolidate operations into a single building in the Commons, which will be completed in spring 2018, according to JoAnn Cornish, Ithaca’s Director of Planning and Development.
The corporation will construct a seven-story office building at 118 E. Seneca St. and relocate its existing drive-through teller to the ground-floor parking area of 119 E. Seneca Street, according to Cornish.
Overall, the entire project will cost approximately $27 million, Cornish said.
Tompkins Financial — which is comprised of services from Tompkins Trust Company to Tompkins Insurance Agencies — aims to move most of its services into the heart of the city’s business district, according to Cornish.
These operations are currently housed in disconnected locations throughout Tompkins County, a situation that is “not only undesirable from a financial standpoint, but also from a functional one,” according to the Tompkins Financial construction proposal.
Cornish added that the company decided to move into a single building due to “their clients’ needs for consolidated, convenient services.”
“Currently, they are leasing several spaces for various bank-related operations throughout the city and town,” she said. “This will allow them to house their plus or minus 250 employees and respective services under one roof in the core of downtown.”
The Planning and Development Board approved the drive-through portion of the project in July, but the headquarters building did not receive final site approval from the Planning and Development Board until December, Cornish said.
While the building plans are complete, construction has not begun, according to Cornish. She added that the project’s initial completion date of spring 2017 has been pushed back a year.