Bank building's suitability for market space doubted
By Larry Thomas -- Furniture Today, February 10, 2002
High Point — A downtown bank branch that will become vacant here next year could be converted into a furniture showroom, but local real estate watchers believe the property also is suitable for other uses.
Local officials say the one-story building, now occupied by First Union Corp. at 209 N. Main St., would make good office space, or could be acquired by another bank since it already has amenities such as a vault and a drive-through window.
"To my way of thinking, we have enough showroom space downtown now," said Ivan Garry, president of High Point Furniture Market Services, which helps potential exhibitors locate space. "My gut feeling is that it will continue to be used as a bank."
Garry said the building does have plenty of off-street parking, which would be a plus for a showroom. However, it could be very expensive to renovate because of the banking amenities it now includes. Two nearby buildings have been converted into showrooms, and a third, the former Wright Clothing building, is being renovated for showroom space and a small hotel.
Steve Shavitz, a local real estate developer and managing partner in the newly renamed Hamilton Place showroom building (see story below), doubts the First Union building is suitable for a multi-tenant showroom. But he said it might attract a company that wanted its own showroom.
"My guess is that some other banks in the area will take a look at it," he said.
The branch will be closed by mid-2003 as part of First Union's merger with Wachovia, whose main High Point office is across the street from the First Union facility.
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