Property owners prepare for vacancies from Wells Fargo's move
March 2, 2011 at 5:05 p.m.
Updated March 1, 2011 at 9:02 p.m.
As Wells Fargo prepares for its upcoming move, property owners will determine what to do with the vacant spaces that will remain behind.
The bank announced Tuesday plans to consolidate its two existing downtown locations into one site at the intersection of U.S. 59 Business and North Main Street.
Wells Fargo owns its 3,000-square-foot drive-thru banking facility at 101 S. William St. and, once the company vacates the facility, the building will likely go up for sale, said Joe Stroop, a company spokesman.
The bank leases its space at One O'Connor Plaza, however, and plans are in the works to bring a new bank into the 6,000-square-foot space, said Bill Ball, co-owner of Kemp Properties, the company that owns the building. The company is already talking to several potential tenants.
"We absolutely believe that this is the finest bank space in Victoria," he said. "And we know that there will be a great bank to move into that space."
The One O'Connor Plaza site plays home to the "most formidable and high-quality vault in South Texas," he said, and the company already maintains the necessary permits to construct a drive-thru facility.
Potential tenants will likely be drawn to the prestige that comes with locating inside the tallest building in town, said Casey Beasley, Kemp Properties' other co-owner.
Construction has not yet begun on Wells Fargo's new location, but is slated for completion this fall.