Downtown Parking Lot Taking Shape

Over the last few weeks, local residents have watched as an empty lot that resembled something of a misplaced swamp in the middle of Marblehead center has been transformed into a parking lot for employees of the

In March, the bank paid GVW Construction of Swampscott where the YMCA once stood. Since then, the bank has been preparing to pave and landscape the site so that it may serve as a bank employee parking lot, ending GVW's plans to build 17 condominiums in a four-story building.

“It is a great deal for the bank,” said James Nye, chairman of the National Grand Bank at the time of the purchase. “It was a tremendous opportunity for the bank to acquire a prime downtown location. We'll be here for another 100 years.”

The site is across Pleasant Street from the bank's headquarters and is next to Veterans Memorial Park. It was evident Wednesday that the bank is keeping its promise to collaborate with the town's Parks Department to landscape both the parking lot and the adjacent park at the same time.