(KLIX)- Another new building is planned for downtown Twin Falls. This time First Federal Savings Bank aims to construct a new office next to its current building on Shoshone and 4th Street. A former city parking lot will help make the project happen. On Tuesday the bank and Twin Falls Urban Renewal Agency signed an agreement that would allow the URA to sell a parking lot near the bank to First Federal for $60,000. That would help solve the parking issue for the bank. Bank president Allen Horner says at one point they looked for other places to build, but preferred to stay in down town. The multistory building is expected to be more than 20,000 square feet with ground floor parking. It would allow First Federal to consolidate many of its employees under one roof. URA Chairman Gary Garnand says this could provide many other opportunities for down town Twin Falls. First Federal hopes to break ground by next spring once the building is approved for construction. The bank has three years once the they buy the parking lot from the URA to build the new facility. If they don’t meet the deadline the URA has the option to buy it back. This would be the third major new or remodeled building in the downtown area. Glanbia is currently constructing a new administrative office and St. Luke's Magic Valley recently remodeled an old building in downtown.