BETHLEHEM, Pa. – Work will soon be underway to transform a historic bank building in Bethlehem into apartments and more.
Rocco Ayvazov of Monocacy Builders told 69 News he plans to start construction within 60 to 90 days at 46-52 W. Broad Street.
The former Wells Fargo bank branch at 52 W. Broad Street in Bethlehem
The building, which is just a block off Main Street, was built in 1925. It most recently housed a Wells Fargo bank branch that closed in 2024. It was home to several financial institutions over the years, including the Bethlehem Trust Company during the Great Depression and Union Bank in the 1950s.
Ayvazov purchased the property for $1.6 million in March of 2025. The project received land development approval from the Bethlehem Planning Commission the following December.
Plans call for a seven-story building with 61 apartments on the upper levels, a mix of one- and two-bedroom units. The 14,000-square-foot bank building will stay and be incorporated into the new build, which also includes a rooftop terrace.
A rendering of what the new building will look like, from a Colliers real estate brochure
“We’re keeping everything inside the building,” said Ayvazov. “The vault is going to stay. Everything on the outside is going to stay.” Those exterior features include tall columns and friezes in the Greek Revival architecture style.
In addition, a two-story building that will most likely house a restaurant will go up between the bank building and the neighboring Dream Boyd Theatre Apartments at 30 W. Broad Street, another Monocacy Builders project.
One unknown that remains is what will occupy the lower part of the main building, inside the former bank. Ayvazov said he’s still pushing for some type of event space or something kid-friendly. “We do have a lot of interest, but I’m very picky about who can rent it,” he said. “I want to bring that vibrance from Main Street so it gives people more walkability.”
Outside the entrance to the former bank
The city of Bethlehem confirmed it is working with Ayvazov on the project’s final administrative steps, including execution of the developer’s agreement, before permits are issued.
Ayvazov said he expects construction to take about 12 to 14 months.