Kennebec Savings Bank and Augusta developer Richard Parkhurst reached a preliminary agreement Wednesday to move a historic Western Avenue building, potentially saving it from demolition as part of the bank’s expansion plans.

The building, an 1899 John Calvin Stevens design, was slotted to be torn down as part of Kennebec Savings Bank’s expansion plans for its property near Memorial Circle.

Bank officials faced a hostile Augusta’s Historic Preservation Commission last month, when they presented their plan to demolish the house. During that meeting, Parkhurst, a prominent Augusta developer with experience in historic restoration, made a last-second pitch to buy and move the building at 15 Western Ave. — a proposal that appears to have saved it from demolition.

The commission imposed its maximum 90-day pause on the demolition, allowing for negotiations between Parkhurst and Kennebec Savings Bank to take shape.

Kennebec Savings Bank CEO and President Andrew Silsby and COO Craig Garofalo met with Parkhurst on Wednesday morning to establish a framework for the agreement: The bank will pay Parkhurst an undisclosed fee to move the building just under a half mile to a lot that the bank owns on the northern side of Chandler Street. The parties hope to split ownership of the parcel.

The move would be an engineering feat — the 6,200-square-foot, three-story house would be lifted onto a new concrete and granite foundation on its new lot over several days. Traffic detours and even electrical disruptions are likely.

Silsby told historic commission members last month that two engineering firms “said it would be so cost-prohibitive that they would not actually give us a bid on how much it would cost to move the building.”

Parkhurst said the move will likely cost more than $270,000, in addition to permitting fees and the cost to rehabilitate the structure. The roof alone would cost $78,000 to repair, Silsby said.

“It’s going to be a challenge, there’s no doubt about it,” Parkhurst said. “It’s as big a challenge as I’ve ever had. The renovation and restoration of the building is not difficult for me; the logistics of moving it is all new territory for me.”

The risk and the cost are worth it, though, Parkhurst says.

“I love old buildings,” he said. “It really comes down to that. And it’s one of the last buildings in town that’s potentially savable — something we can save. If we don’t move it, then it won’t be saved.”

Parkhurst said he hopes to move the building from 15 Western Ave. to the northern end of Memorial Circle by May.

Silsby said Kennebec Savings Bank, for its part, hopes to support Parkhurst’s efforts and begin construction on its new five-story office building on the site by July 1. He said he is “cautiously optimistic” about the ambitious move.

Parkhurst said he will now turn his attention to obtaining permissions from the city of Augusta, including the planning board, police department and code enforcement office. Such a move will require road closures, lot splitting and code checks — all of which remain to be discussed.

He said he plans to meet with city officials early next week to determine next steps.