Port Washington State Bank has announced its acquisition of the Port Harbor Center located on the waterfront between Washington and Main Streets in downtown Port Washington. The building, popularly referred to as the “Dockside Deli building,” is a 20,000 square foot mixed retail and office building directly east and adjacent to the bank’s main campus in downtown Port Washington and is home to over 15 retail and office tenants.
“We are thrilled to be able to add this wonderful building into our downtown footprint," said Steve Schowalter, President and CEO. Driving the purchase transaction was the decision by the former owners to sell rather than proceed with condo development plans and the bank's upcoming need for transitional office space during a planned major lobby remodel during 2020. "The purchase will allow the bank to continue to keep its corporate headquarters in downtown Port Washington and provide flexibility for its ongoing growth," said Schowalter.
Schowalter noted that the privately negotiated transaction closed on January 8, 2020 when the bank purchased the building, parking lot and open green space area from longtime owners Jim Vollmar and Don Voight, partners with their spouses in Port Harbor LLC. “They took great care over the past 20 years to ensure that this building evolved with and complemented Port Washington’s beautiful downtown and marina districts," said Schowalter.
Future plans for the building remain under review by the bank but Schowalter noted that one vacant upper unit will become occupied by the bank during 2020. “We intend to continue the mixed use nature of the building well into the future and are looking forward to getting to know all of the existing tenants of the building," said Schowalter. One significant upgrade under consideration is an elevator to service the second floor office space as an example.