When Regions Bank moves out of its current location off State Road 44 in Inverness, the site shouldn't remain vacant long.
Elias George Kirallah, commercial broker at Century 21 J.W. Morton Real Estate in Inverness, recently placed the 1.5-acre property under contract with a local developer “with high hopes,” he said, of redeveloping the entire city block for a new retail development.
Until that deal closes, Kirallah cannot reveal any names.
“However, we do foresee the property being used for a multi-retail development,” he said.
Once the bank building is demolished, Kirallah anticipates two users going into that site and they could include food, retail or grocery.
Kirallah also squashed the rumor that Wawa will open a gas station/convenience store there. The chain is no longer interested, he said.
“We were under contract with Wawa for the longest time,” he said.
Wawa typically prefers at least a two-acre site so the property likely didn’t fit their needs, he said.
“I just don’t think the economics of the deal worked out for them,” Kirallah said.
Inverness Assistant City Manager Eric Williams said the property is part of the city’s Community Redevelopment Area (CRA), which may allow a developer additional redevelopment incentives such as grants and loans.
Williams said obviously the city would prefer that parcel to be developed rather than remain empty.
“We don’t want any fallow commercial property,” Williams said. “Any redevelopment is a plus for the city.”
Kirallah said folks could see groundbreaking activity in the next six months or so.
“It’s not going to remain vacant for long,” he said.
Regions is moving to a smaller site across State Road 44 at the old Venero & Sons appliance store site, which has been demolished. That move is tentatively set for June. Kirallah also brokered that deal.