A pair of experienced local restaurant owners is the latest to take the leap into Scott’s Addition.
Jay Shah and Joel Gilbert purchased the former SunTrust Bank branch at 3022 W. Broad St. on Feb. 16 for an undisclosed sum.
Shah, an executive at locally-based Shamin Hotels, said he and Gilbert are still deciding what to do with the 10,000-square-foot property. The pair owns the Keagan’s Irish Pub & Restaurant in West Broad Village and are also opening a Mellow Mushroom restaurant in the new GreenGate development taking shape west of Short Pump.
Shah said the space was attractive for its ample parking and prime location amidst Scott’s Addition’s development renaissance.
“We’d love to do a brewery,” he said.
Nathan Hughes, a broker with Sperity Real Estate Ventures who represented the buyers, said the deal included an adjacent parking lot at the corner of West Marshall Street and Summit Avenue that will give the new owners more than 70 parking spaces.
“They recognize it’s a hot area,” Hughes said. “There are several concepts they are considering.”
The SunTrust branch has been closed since August, Hughes said.
The sale price for the parcel had yet to be recorded in the city’s online records by press time and Shah would not disclose what they paid. The asking price was $1.9 million, according to an online flyer. The property was most recently assessed at $1.19 million.
Brian Berkey of Cushman & Wakefield | Thalhimer represented the seller, SunTrust.
Whatever Shah and Gilbert decide to install in the former SunTrust branch, they won’t lack for new neighbors in Scott’s Addition. A new coworking space and brewery are in the works a block east on West Broad Street. Nearby at the corner of North Sheppard and West Broad streets, a former bingo hall is gearing up to be turned into a five-story mixed-use building.