SunTrust building under new ownership

Published 7:00 pm Tuesday, October 17, 2023

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The old SunTrust building on N. Main Street is now under ownership of the City of Suffolk. According to land transfer data provided by the Suffolk Circuit Court Clerk’s Office, Lemonade MM Suffolk LLC transferred $1.5 million to the City of Suffolk towards purchasing the property of 123 N. Main St. 

Suffolk Director of Media and Community Relations Jennifer Moore talked about the city’s new acquisition noting that the property is a well located asset that will be “important for redevelopment efforts” for Downtown Suffolk.

“The property includes more than just the former bank building; it also includes the adjacent parking on Main St. as well as additional parking on Saratoga St,” Moore said. “The City’s ownership of these properties is in alignment with the 2018 Downtown Master Plan, and will allow for more public parking as well as future economic development and community development efforts in our Downtown.”

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While the future of the property is not yet known, Moore says that the city is optimistic about the possibilities it can provide.

“We see the opportunity for future reuse and redevelopment of the building in order to add vibrancy to our Downtown,” Moore said. “Additionally, we plan to review the existing parking layout and create a more efficient and effective design for this valuable public parking addition.”