American Savings Bank held a groundbreaking Saturday for its new headquarters in downtown Honolulu.

More than 200 people attended the morning ceremony under a large canopy tent as heavy rain fell. Many described the rain as a blessing for the new headquarters site at 300 N. Beretania St.

Construction is slated to begin in a couple of weeks, weather permitting. President and Chief Executive Officer Richard Wacker said the project will cost an estimated $100 million and is expected to take 20 months to complete.

The headquarters will consolidate five separate offices into one building where approximately 600 people will work.

Bank officials say they have been working on plans for a new headquarters for the past several years.

Construction stalled after iwi kupuna — ancestral human remains — were discovered on the property last year during an archaeological survey.

Officials worked closely with lineal descendants and the Oahu Burial Council on a burial treatment plan.

The headquarters will have about 370,000 square feet of space on 11 floors, five of which will be for parking. Beth Whitehead, executive vice president and chief administrative officer, said parking concerns are one of the reasons they searched for a new site.

Wacker said, “We looked at a lot of places. We feel really good about this spot.”

He said American Savings Bank can serve as a catalyst for rejuvenating the area. The site is across from Aala Park, where the city is addressing homelessness.

“I think the administration is doing a lot to address the fundamental problem,” Wacker said. In working with the city, he added they can create a safe environment and boost economic activity in the area to help improve the environment overall.

Whitehead said, “It’s been our vision for eight years to have this home for all of our teammates to work together.”

The headquarters site is close to bus stops and the planned rail transit. It will include a gym and bicycle parking space for employees.

Last month American Savings Bank, the state’s third- largest bank, reported an 8.5 percent increase in its fourth quarter earnings with net income of $16.2 million on deposits of $5.55 billion and $4.74 billion in loans.