Spartanburg City Council Drives Forward Fidelity Bank Project
Exciting news folks! The exciting Fidelity Bank project in bustling downtown Spartanburg is set to attain eligibility for state tax credits, thanks to a timely intervention from the Spartanburg City Council. Their swift action was displayed during a recent Monday meeting where the entire council voted in unison, giving a unanimous nod for the go-ahead of this promising venture.
The project site at 305 N. Church St., formerly housing the First Citizens Bank branch, has been certified by the City Council as an abandoned building. This essential approval allows Fidelity Bank to chase after those crucial state tax credits for site improvements. As City Attorney Bob Coler clarified, “They will be able to recoup some of their reconstruction costs through state income tax credits, not property tax so it has no effect on our city revenue”. This rather ingenious move forms part of the state’s economic benefit plan, enabling cost recoupment through state income tax credits.
New Life for Abandoned Buildings
Adding more details from our trusty sources, the shiny new Fidelity Bank, forecasted to be a two-story building, will flaunt regional offices and state-of-the-art training facilities. Talk about a smart move! This bold venture is estimated to be a whopping $5 million investment at the intersecting point of downtown Spartanburg’s North Church Street and East Daniel Morgan Avenue.
The bustling corner, that has housed an empty building for over two decades, is all set to gain a fresh lease of life. “That’s been an empty building for 20 years plus, so I think it will be a nice new addition to our downtown,” shared an excited councilman during the Monday meeting. So, urban explorers rejoice, you are about to witness the new charm taking life here!
Months of Anticipation
Let’s rewind a bit! The seed for this game-changing project was sown back in June 2023, when the N. Church Street site was acquired by the bank for a cool $1.38 million. Fast forward to the present day, rumors are ripe that this site is set to replace the existing downtown branch of Fidelity Bank stationed at 101 Lafayette St.
Rumors turned reality when the project got the green signal from the city’s Design Review Board in August making the anticipation tangible. The revamped structure will encompass a two-story bank spanning 8,400 square feet, featuring a drive-thru and a quaint little plaza on Church Street. The design is tipped to be traditional with brick masonry adding to the cityscape.
Stay inquisitive everyone, as construction is expected to commence soon. Get ready to enjoy the perks of the economic growth that this project endeavors to bring to our very own downtown Spartanburg. There’s nothing like witnessing the glorious rise of your hometown, folks! Remember, you heard it here first!
