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Selldorf Architects will create a new East Village HQ for the Swiss Institute

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The contemporary arts organization will move into a building that once held a Chase bank

In the hyper-gentrifying East Village, it’s more common to hear that a longtime business or mom-and-pop shop will be displaced by a bank branch than the other way around. But the latter is exactly what’s happening on the corner of St. Marks Place and Second Avenue: a Chase bank branch will be replaced by the new headquarters of the Swiss Institute, a non-profit organization dedicated to contemporary art.

The new space will be designed by none other than Annabelle Selldorf’s Selldorf Architects. Though the Institute won’t get a new ground-up structure, the firm will totally renovate the existing 7,500-square-foot building, adding "spaces for exhibitions, projects and public programs, a library, a bookstore, and a usable rooftop," according to a press release.

The commission adds to Selldorf’s footprint in Lower Manhattan, which includes the men’s shelter-replacing condos at 347 Bowery; her condos at 42 Crosby Street, home of the million-dollar parking spot; a 23-story tower on the site of the old Bowlmor Lanes; and the terracotta-clad building on Bond Street.

The Swiss Institute also has a history in Lower Manhattan; its original headquarters was located in Soho, and the organization moved to Tribeca several years ago. Its new HQ is expected to be completed by 2017.