WOBURN - Anyone driving along Route 128 past the Washington Street exit has noticed that work is moving right along on the office portion of the Mishawum station plan at the site of the former Logan Express in Woburn.

According to attorney James Mawn Jr., representing the developers, James Mawn Esq. and Fortunato Salvucci, under the name Mishawum Properties, the office component, including some 500,000-square-feet of office space, should be ready in the not-so-distant future.

The work these day is focusing on the office development including a branch and the corporate offices of Northern Bank & Trust, while a second component, a 210-unit residential complex, will come later.

"There is a lot of excitement," James Mawn Jr. said of the office building project which will include 50,000-square-feet of office space and the 210 residential units.

Once completed, Mawn said the plans for the office building call for something of a one-stop shopping, financial district, offering multiple financial services, including the corporate offices of Northern Bank & Trust and a bank branch.

Mawn noted the company has out-grown its present Lexington Street headquarters in West Woburn and is excited about the new headquarters.

"It's a major investment in Woburn," Mawn noted of the project. "We are not going anywhere. We are here for the long haul."

The total cost of the Mishawum station project, including both the residential component and the office building, has been estimated at more than $50 million.

The cost of the 7-acre parcel from the MBTA was put at $7.2 million when purchased in 2005.

Northern presently has 10 branches in eight communities, including three in Woburn.

This second phase of the development calls for 210 units of garden style apartments, including 186 two-bedroom and 24 one-bedroom units.

While the plans for the office component are moving right along and are nearing completion, the residential component has been slowed by the need for additional permits and the sluggish national and international economy.

Mawn Jr., also Executive Vice President of Northern Bank & Trust, noted that it is ironic that at a time when smaller, regional banks are doing quite well, the residential component is of a size that its falls into the financing realm of the larger, international banks hit hard by the credit cruch.

Twenty-one, or 10 percent, will be offered at affordable rates when the doors open either in late 2008 or around the beinning of 2009.

The 210 units is a key figure as it is the minimum needed to bring the MBTA back to the discussion stage of reopening the Mishawum Road stop to a full-time basis.

The stop was reduced after the MBTA opened the Regional Anderson Transportation Center off Presidential Way, yet there are many residents, hotels, and businesses in the area that would like to see the Mishawum stop returned on a full-scale basis.

Smaller, regional banks like Northern Bank & Trust, Mawn said, are seeing unprecedented levels of deposits and loan activities.

"People realize it makes a difference when you know who you are banking with," Mawn said.

Northern Bank & Trust Vice President Donald Queenin noted the recent increase of deposit insurance up to $250,000 has brought a new comfort level to customers and said Northern is seeing no credit shortages or decreases in deposits.

Both Mawn and Queenin noted the commitment of Northern Bank & Trust to the community through involvement with many local programs including the Woburn Boys & Girls Club.

As to whether there were any special plans for the flying-saucer like disc at the top of the new officel building off Mishawum Road, Mawn replied it is strictly ornamental.