BANK REHAB WOULD COST MILLIONS USES FOR FIDELITY SAVINGS BUILDING STUDIED.

Byline: Helen Gao Staff Writer

GLENDALE - While local preservationists would like to see the former Fidelity Federal Savings and Loan building restored, the cost of doing so would run in the millions, according to a report presented to the Redevelopment Agency on Tuesday.

Consultant Gary Hopkins told the agency board it would cost the city $3.2 million to $3.6 million to rehabilitate the building to current standards for use as office space.

``The building is in complete disrepair,'' he said. ``It's my opinion that there is nothing worth saving because of its age and disrepair.''

Built in 1956, the former bank building - last occupied by the county department of social services and now vacant - lacks fire sprinklers and needs seismic retrofitting, as well as renovation to make it handicap-accessible.

Tearing down the structure and building something new would also be costly for the city, which already paid $3.6 million to acquire the building and three adjacent parcels.

According to Hopkins, demolishing the building alone would cost $700,000 to $800,000 because the structure has a basement and requires asbestos abatement.

The building does not have on-site parking and next to it is a 16-unit apartment complex. Larger projects would require the city to acquire the apartments.

Hopkins put the construction cost of developing a new office building on the site with subterranean parking at $18 million.

His estimates for housing projects, depending on their density, range from $7.2 million to $12.1 million.

Mixed-use projects that would include a combination of retail and housing would carry a price tag of $2.7 million to $8.4 million, according to Hopkins.

``There is no easy, simple solution to this,'' said Jeanne Armstrong, head of the Redevelopment Agency. ``We have no recommendation because there is no clear path for the highest use here.''

Adding to the complexity of the matter is the disagreement between local preservationists and city-paid consultants about the historical value of the building.

Located at the intersection of Broadway and Louise Street, the former Fidelity Federal Savings and Loan building was designed by W.A. Sarmiento, the same architect who designed the Glendale Federal Savings tower at Brand Boulevard and Lexington Drive.

The Brand Boulevard building is listed as eligible for state historic landmark status and some preservationists deem it eligible for the national register.

The connection the Broadway building has to the Brand building, said Alan Leib of the Los Angeles Conservancy, makes it worthwhile for the city to save it.

``To say it exemplifies one of the best examples of a significant architectural type is not a stretch at all,'' he said, noting that the Broadway bank actually predates the Brand Boulevard bank by three years.

Both structures are distinguished by louvers - movable metal fins set at an angle to a building's exterior.

While the city's consultants acknowledge Sarmiento as a significant architect, they argued that his Broadway building would not qualify for local or state historic registers because of major alterations done to it.

``Three out of four of the building's exterior elevations have changed substantially since 1959, and almost all of its interior details have been lost,'' said consultants Sara Palmer and Judith Marvin in their report to the city.

Before making up their mind on what to do with the building, city officials plan to take a look at both the interior and exterior. After listening to the pleas of preservationists, they also expressed willingness to hear proposals on how the building could be saved for new use.

``I am leaning toward not preserving the building,'' said Mayor Rafi Manoukian. ``But I have this feeling that if you destroy something, it's gone forever.

``At this point, it certainly warrants more discussion in the community.''