The buildings in Lowell’s historic downtown house many unique businesses under their roofs. The repurposing of these lovely structures, some of which were originally built in the 1800s, is continuous.
The latest Lowell landmark to find a new purpose is 218 E. Main St., a stately corner building with the words Lowell State Bank engraved in the facade above the door.
New owners Kristine and Pete Gault purchased the building in January and have converted it into The Vault Event Space, a venue for small parties and other events. For $450 per day, the building’s unique and recently renovated main floor and loft can be rented for groups of up to 50 people.
Included in the event space are features that nod to the building’s past as a bank. A former bank vault is still on the main floor as well as another vault in the loft area. The vaults can be used for either storage or for a party photo booth.
The Gaults supply the space, tables, and chairs, and the renter is responsible for the rest of their event needs. The space includes a full kitchen, a bar area, and restrooms. Alcohol is allowed in the building, but the renter must provide it as well as the service for it.
According to the Lowell Area Historical Museum, the building was constructed in 1868 and served as the Lowell National Bank. In 1891, the building was purchased by the Lowell State Bank. A fire in 1927 damaged the building requiring an extensive renovation that resulted in what currently stands today.
After the Great Depression in the 1930s, Lowell State Bank merged with another Lowell bank and became the State Savings Bank. The bank stayed at the Main Street location until 1961 when it moved elsewhere. Since then, the building has housed an insurance agency, an H & R Block office, and a pizza restaurant, among other things. The middle floor has been rented out as office space and is currently the “loft” of the venue. The top floor is currently a residence for the owners.
Pete Gault said there is evidence in the basement of the fire that nearly destroyed the building, such as blackened areas. Another vault was also in the basement, but the sunken area that held it now holds the furnace.
The Gaults moved from Rockford when they purchased the building in January. They formerly owned a nail salon for 16 years and wanted to try a new venture.
“We’re entrepreneur-type people… and we’re not old enough to retire yet, so we were kind of looking for something to do, either a job or another business, and this building came up for sale,” Pete says. “We came to look at it and fell in love with it and thought we could do something with the downstairs. We could either rent it out to a business or we could open up our own business.”
The Gaults wanted to keep their new business simple so providing an interesting space for others to host events seemed ideal. The name of the business is a nod to the banks that were once located there.
“It’s really fun to have parties, but wow, is it a lot of work,” Kristine says. “So this way, it’s like I get to talk to people about their parties, and it’s fun to kind of be a part of it, but not managing any part of it.”
Renters are free to use the venue’s tables and chairs and set the space up to suit their event. They also have access to the full kitchen and bar area.
The Gaults look forward to collaborating with other businesses on Main Street and around Lowell. They have discussed the possibility of hosting events with other nearby small businesses.
The Gaults didn’t have a grand opening and are open for business now. After some cosmetic renovations including painting and polishing the hardwood floors, the building is ready for business.
For more information, visit The Vault Event Space on Facebook.
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