Gumenick grabs vacant bank branch, adds to Libbie Mill holdings

wells fargo branch

Wells Fargo plans to close its branch at 2420 Staples Mill Road. (Michael Schwartz)

A local developer has snatched up the last parcel contiguous to its 80-acre Libbie Mill-Midtown project that it didn’t already own – and it plans to field outside interest to help determine the site’s future.

Gumenick Properties this month acquired the former Wells Fargo branch at 2420 Staples Mill Road.

It paid $1.35 million on July 5 for the 3,200-square-foot building and its 0.75-acre lot, which were left dormant when the banking giant closed the branch in May.

Gumenick’s Skip Nash said the deal gives the company options for the busy, visible corner that leads into the sprawling mixed-use development.

“It’s a great property for us to have. It really completes that corner,” Nash said. “It opens up the opportunity for us to take another look at our conceptual master plan to see what makes sense for that corner.”

Nash said Gumenick will market the corner lot to outside parties to pitch ideas.

“We don’t yet know what that’s going to be. We’d like to hear from the market,” he said.

The nearly 500,000-square-foot Penstock Quarter building includes four floors of apartments above 40,000 square feet of street-frontage retail.

The bank branch was built in 1969 and Wells Fargo inherited the property from various predecessor banks, including Wachovia and Central National Bank. The property was most recently assessed by the county at $742,000.

It was one of four Richmond-area branches Wells Fargo has closed in the region in the last year or so.

Elsewhere in Libbie Mill, Gumenick is fast at work to complete construction on the 327-unit Penstock Quarter apartment building.

The company also recently said it is tweaking its game plan due to higher-than-expected demand for office space at Libbie Mill and is moving forward with plans for a six-story, 142,000-square-foot office building beside Libbie Mill Library.

The overall Libbie Mill development, which started in 2014, is just over 50 percent of the way to buildout and is expected to take 10 years to complete.

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3 Comments on "Gumenick grabs vacant bank branch, adds to Libbie Mill holdings"

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Michael Wynne
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Henrico should have bought the parcel so they could expand the intersection. Bethlehem Rd eastbound backs up to Libbie Ave at peak hours.

Jacob Baker
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I doubt they want a larger intersection there. More than likely they want less people to use Libbie to Bethlehem as a cut-thru.

Michael Wynne
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I think that is a lost cause. People in the area can not turn left onto Staples Mill from Broad eastbound. So you have to use alternate routes/cut-thru. The “default” left hand turn at Bishop/Krispy Kreme is already overloaded. Bethlehem to Libbie is the route that VDOT wants you to use to St Mary’s via their blue H signs. These two roads stopped being local neighborhood roads a long time ago. Also it is better keeping the traffic on those two roads, than people cutting through the Libbie Mill complex. All they really need to do is make a double… Read more »
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