While no specific plans are yet in place, Herring Properties is looking into its options for redeveloping the former Eastern Bank building at 226 Main Street. 

The building, built in 1925, closed when Eastern Bank moved out in May 2022. Eastern Bank representative Andrea Goodman said at the time the bank closed the location as part of a consolidation following decreased foot traffic. 

Herring Properties, a development company based in New Jersey and Pennsylvania, bought the building for $875,000 in August 2023, according to property records. 

Broker Jim Eacobacci said Herring Properties owner James Herring has family ties to Wareham, and bought the property to hold it and rent it out rather than to sell it. 

The property is under examination by an engineering firm to determine what is allowed by zoning and what is feasible, said Eacobacci. 

For the time being, the new ownership is cleaning up the property by trimming trees, painting and upgrading area lighting, but has no more specific plans in place for its use. 

“It’s an important place on Main Street,” said former town planner Ken Buckland. 

Buckland has talked extensively with the building’s new owner and encouraged him to buy the property because of his background as an experienced developer, he said. 

It’s a “premier building,” and is worth careful thought on what comes next, Buckland said. 

“It’s hard to decide what you’re going to do with the property until you know what’s allowed,” Eacobacci said. 

However, Herring understands the value of the existing building to the town and would rather not tear it down, he added.