Gloucester’s century-old iconic old bank building will undergo a study in the coming months on how it may best be used in the downtown area.
The building, which most recently housed SunTrust Bank for a number of years, was purchased in July for $600,000 by the Gloucester Revolving Loan Fund.
The Revolving Loan Fund, which was established several years ago to provide partial funding for businesses and nonprofit organizations undertaking activities broadly defined as economic development within the village area, is partnering with the Gloucester Main Street Preservation Trust to launch the feasibility study on the 10,500-square-foot building’s revitalization. The study is being supported by a grant from Virginia Main Street.
Gloucester resident Susan Dutton, who recently began serving on the board of directors for the MSPT, said she’s glad that the structure has been purchased by the Revolving Loan Fund and enthusiastic about the future of the building, which she considers an icon in the Gloucester community.
“I’m so excited it’s not going to fall down,” Dutton said. The purchase of the building brought up many dear memories to Dutton, as her mother worked inside it for many years when it was still called the Bank of Gloucester.
Dutton remembered that she and her sister, who were students at Botetourt Elementary School, would leave school at the end of the day and walk to the bank to stay with their mother until the close of the business day.
“We walked right in the back door,” Dutton said. “You certainly couldn’t do that today.” She said the two would sit at a table in the back room and count coins to help the ladies close out the day’s business at the bank.
She also remembers her first checking account was set up inside the building. “I used to keep the public library open on Saturdays,” Dutton said. “I would get a little check and I remember taking it down to the bank and depositing it into my account. That’s when I learned to balance a checkbook.”
“We are honored to participate in this important endeavor on Main Street,” said Jim Robinson, founder and executive director of the Gloucester Revolving Loan Fund. “The purchase of the property is only the first step in this exciting process. We now get to study what would make this building come to life again thanks to the Trust and Virginia Main Street.”
“With the move to online banking, we are starting to see old bank buildings being vacated across the country in downtowns,” said Jenny Crittenden, executive director of the MSPT. “It used to be that a bank was always needed in a downtown. That’s not the case anymore. But what is the case is the opportunity for us as a community to take this iconic building and make it a catalyst for the downtown, really helping shape what it could be for the next 100 years of its life.”
This purchase marks the first time in over a century, Crittenden said, that the building could be used for something new.
The MSPT secured a $25,000 grant from Virginia Main Street, a preservation-based economic and community development program, and has budgeted an additional $10,000 to complete a feasibility study on the property.
“The property is catalytic and it deserves the time and energy to look at the potential for the building and what would make it successful in the downtown,” she said.
While feasibility studies can all be a little different, Crittenden added that the purpose of this study is to determine the highest and best use for the building.
The MSPT, in partnership with the Fund, anticipates developing and sending out Requests For Proposal this fall to consultants who routinely handle feasibility studies of this magnitude. RFPs will also be sent out to those who have a strong background in downtown development and are connected with resources and knowledge of other grants and tax incentives that can be accessed for the project.
The study itself, Crittenden said, will result in the identification of the most impactful uses; along with architectural conceptions, cost assessments, and business pro formas.
“Engaging the community on this project is an important element of this study,” she said, expecting to have more information on how the community can get involved in coming weeks.
Ideas already floating around for the property include a mixed-use development of residential and commercial, office space and retail, a distillery and restaurant, apartments, and a hospitality use such as an inn or small boutique hotel.
“Who knows? The study could also reveal the opportunity for a theater or a museum,” Crittenden said. “We have a national and a state park coming to Gloucester County. What do we need on Main Street to capitalize on increased tourism from those two initiatives? The sky is the limit.”
Following the study, Robinson said, the loan fund’s goal is to connect with developers and investors who really want to become involved on Gloucester Main Street and make turning the bank building into something new a reality.