Fredericksburg EDA Purchases Former StellarOne Bank Property

by | Dec 30, 2015 | Government

By Susan Larson. Photo of 1016 Charles St. provided by the Fredericksburg’s Economic Development Authority

Fredericksburg’s Economic Development Authority on December 29, 2016, purchased the former StellarOne Bank property at the corner of 1016 Charles St. and 1011 Prince Edward St. The 0.53-acre purchase from Union Bank & Trust cost $1.05 million, according to Bill Freehling, assistant director of Economic Development.

The EDA plans to adjust the boundary lines and sell the 0.2-acre portion of the property that contains the building and 13 parking spaces off Amelia Street. Those parking spaces will be available to the public on nights and weekends, Freehling said.

The remaining portion of the property, approximately one-third of an acre, will be deeded to the City of Fredericksburg for a 29-space public-parking lot that should open by early April 2016, following resurfacing, restriping and other improvements. The former bank drive-through structure will be removed.

The EDA is accepting confidential sealed bids from parties interested in purchasing the building and subdivided property. Bids will be accepted until 2 p.m. January 22. The minimum bid is $650,000.

The Fredericksburg EDA will hold an open house at the former bank branch from 10:30 a.m. until 12:30 p.m. on Monday, Jan. 11.

The building, which was constructed in 1966, includes about 3,300 square feet on the ground level, a full finished basement and an approximately 400-square-foot finished attic.

“The building sets up well for a professional office user, but it could be creatively adapted for a variety of uses,” Freehling said. The building has a brick exterior and slate roof, and is less than a block from the heart of Fredericksburg’s Central Business District. The property is zoned Commercial Downtown.

More details on the property, including a preliminary site plan, can be found online.

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