Penny Savings Bank condos open

Mayor Thomas M. Menino is scheduled to join executives from the development company Stonegate Group LLC to celebrate the grand opening this morning of the Residences at Penny Savings Bank in the South End.

According to the Boston Redevelopment Authority, the city's planning agency, Stonegate completely restored the historic bank at the corner of Washington and Union Park streets into residential housing and retail space.

The result of a $19 million redevelopment project, the complex has 23 residential units, three of which comply with affordable housing guidelines, Menino's office said.

The Penny Savings Bank building was two stories high and constructed in the Classical Revival style between 1911 and 1917; as part of the redevelopment project, the building's historic facade was restored, and three stories were added to the original structure, the city said.
(By Chris Reidy, Globe staff)