Town of Rocky Mount to purchase historic downtown building

ROCKY MOUNT — Town council announced Monday it plans to purchase a historic downtown building for future development.

It is the second piece of property purchased by the town in just over a year.

The council and the Economic Development Authority approved moving forward with the purchase of 369 Franklin Street during a joint meeting held Monday evening. The property is currently the site of Atlantic Union Bank.

With the recent acquisition of American National Bank, Atlantic Union is consolidating its two locations in Rocky Mount and planned to sell the downtown building. Bank operations will move into the American National Bank location at 400 Old Franklin Turnpike in Rocky Mount.

According to a town news release, the bank’s downtown drive-thru will still continue to operate after the sale of the bank expected to finalize later this month.

Town Manager Robert Wood approached Atlantic Union after learning about the merger to see what the plans are with the bank building. Wood said bank representatives were receptive to giving the town the ability to decide what would next happen with property.

The property is currently assessed for tax purposes at $580,000. The purchase price for the town was announced Monday as $475,000.

“They really liked the idea of the town being the buyer,” Wood said.

The historic downtown property is known as The People’s National Bank due to the name written on the buildings facade. The building was constructed in 1928 and is located next to the Franklin County Public Library.

In the news release from the town, the property is classified as a cast-stone building and an “excellent example of Art Deco architecture with Egyptian Revival details in its door surround.”

Following the sale, Wood said the town plans to speak with development experts to determine the best use for the the building. The goal would be to work with a developer to bring a new business into downtown, he said.

“Downtown Rocky Mount is really taking off,” said Mayor Holland Perdue in the release. “This purchase is an investment in the community’s future that will allow the Town to make sure that this important historical building will serve as another integral piece of the downtown renaissance. The town council and I are excited about the acquisition of this property. I want to thank town staff for their work on this important project and Atlantic Union Bank for giving us this opportunity to strengthen our downtown.”

The purchase follows the purchase of a 64-acre tract of land at the intersection of U.S. 220 and Virginia 40 in March of last year. The purchase price for that property was $5 million.