Within the next couple of years, a public parking lot next to Nuuanu Stream in Chinatown will become the new headquarters for American Savings Bank.

It’s a bold move for the state’s third-largest bank because across the street from the 62,595-square-foot lot at 230 N. Beretania St. is Aala Park, where a seemingly never-ending line of homeless people in tents lines the sidewalk. It’s an area that is in dire need of revitalization and the bank’s construction of a new corporate campus would help.

"For 90 years ASB has been helping build strong communities," said Beth Whitehead, executive vice president and chief administrative officer of American Savings. "We will continue to be a strong community partner and look for ways to support the neighborhoods we are a part of. We are excited about the opportunities that lie ahead."

Whitehead said the bank has been looking for several years to bring its support teams from six Oahu locations into one facility. It bought the property on the corner of Beretania and Aala streets for $12 million on Nov. 24 from Pacific Constructors LLC.

"We have looked for real estate and for spots that would work for us." she said. "Our ideal scenario was to build our own campus and consolidate six locations into one. We wanted to build something that works for us and is unique for us, and going from the ground up was the best scenario for us."

The bank’s gain will be the community’s gain as well.

"Anything would help in the area, and it seems to be a pretty substantial project," said Daniel Holt, chairman of the Kalihi-Palama Neighborhood Board. "Just the construction would help eliminate some of the homeless in the area. We’ve had people complain about the mauka side of Aala Park. One gentleman came to our meeting in November and complained that he wasn’t able to walk his children down the sidewalk. A park is supposed to be for public use, not anybody’s home. I’m sure with the construction and the building, it can only get better."

Honolulu Mayor Kirk Caldwell said American Savings’ decision to move its headquarters to the Chinatown area is another positive step in the area’s revitalization.

"American Savings Bank’s decision to move its headquarters to Beretania Street is the latest development in a revitalization of Honolulu’s most historic neighborhood," Caldwell said. "Chinatown is undergoing an exciting transformation, building on our incredible history and culture, that now features new restaurants, shops and art galleries, and American Savings Bank’s flagship facility will be within walking distance. This investment will help to create an even more vibrant, thriving Chinatown that attracts increased foot traffic at all hours of the day, enhancing safety and improving the quality of life for all who live, work and play in this great legacy community."

The 600 employees that would occupy the corporate campus would include the bank’s executive officers, including Chief Executive Officer Richard Wacker, and the bank’s support function teams, Whitehead said.

The campus, which possibly could include a new branch, will have about 100,000 square feet of office space with an additional parking structure, Whitehead said.

There is no timetable yet to begin construction or for its completion because the bank is still in its design phase, she said.

"We’d like it finished as soon as possible, but we certainly hope by 2016, but there are a lot of variables," Whitehead said.

Holt, the neighborhood board chairman, said homeless encampments always have been an eyesore in the area, but things are looking up.

"The rail is coming down Dillingham, Mayor Wright Homes (state low-income housing) is supposed to get a whole rebuild and they’re looking to revitalize Kapalama Canal (near Honolulu Community College), where there’s also a lot of homeless, so things are in the works. Hopefully, things will come to fruition, but it can’t come soon enough for the people who live in the area."

The pending $4.3 billion acquisition of American Savings parent Hawaiian Electric Industries Inc. by Florida-based NextEra Energy Inc. will have no bearing on the bank relocating its headquarters, Whitehead said. American Savings would be spun off as part of that deal if the transaction receives the necessary regulatory and shareholder approvals.

American Savings, with 1,250 employees and 56 branches statewide, had total assets of $5.4 billion at the end of the third quarter.

Whitehead said the bank’s main branch will remain at 1001 Bishop St. in Bishop Square where the bank leases space. American Savings’ current corporate headquarters — which is across the street from the main branch — is in a building the bank owns at 915 Fort Street Mall in Financial Plaza of the Pacific.

"Once the campus is built, we will not have anyone at the building at 915 Fort Street Mall, and we’ll be looking at selling the building," American Savings spokesman Jayson Harper said.

Whitehead calls the new office "a tremendous opportunity" to have all its employees in one location who don’t have face-to-face interaction with customers.

"We think the new space will enhance our employee experience and provide more opportunities for collaboration and efficiency," she said. "We think it will be a fun place to work. It will not be a stuffy headquarters; it will be a campus."