New bank building slated for downtown

An artist’s rendering of the new Broadway Bank building, to be built at the corner of Main Street and Sidney Baker Street. Construction is expected to begin later this year.

 

Ask people what architecture comes to mind when they think of downtown Kerrville, and they’ll invariably mention the City Hall clocktower and the county courthouse. By this time next year, there likely will be a new addition to this top list of iconic buildings: Broadway Bank.

Caddy corner from City Hall, on what is perhaps the busiest intersection in Kerrville, the property now holding Certified Autos will be redeveloped into a state-of-the-art financial facility by spring 2020, according to Broadway Bank officials.

Conceptual imagery of the proposed 4,000-square foot, single-story building was released this week.

“It’s not going to be the standard Hill Country building,” said Bob Waller, who manages several Broadway banks, including the 6,000-square-foot Kerrville location at 500 Main St. “We want something that’s quality — both inside and out. Something that’s going to be really ageless.”

Company officials declined to say how much the new building will cost, but it will increase the value of the current tract and may create positive ripple effects throughout the local economy. The increase in property values resulting from the project may help the city stimulate local economic growth, as the 620 Main St. property falls within the geographic area of the tax increment reinvestment zone approved last year by the city council.

When a property’s appraised value increases within the zone, or downtown TIRZ, the city will set aside the increased portion of property tax revenues that otherwise would go into the municipal general fund. These set-aside revenues will be managed by a TIRZ board and used to offer incentives to attract ideal development for the purposes of local economic growth. 

The imminent expansion of H-E-B on Main Street also will result in money set aside for use by the TIRZ board, Waller noted.

“It’s really to help us attract quality, new businesses and real estate improvements to Kerrville,” said Waller, who chairs the city’s planning and zoning commission and has long been involved in local community and civic organizations.

The property at 620 Main St. was appraised at $1.5 million as of Wednesday, according to county records. John and Brenda Miller, who own the property, were not immediately available for comment, although they issued a statement in a press 

release: “There has been considerable local interest in what would eventually be constructed at this site. It’s important to us to make sure the location best serves the people of Kerrville and surrounding areas. After looking at Broadway Bank’s vision for the site, we believe we’ve accomplished our goal.”

John Miller and the bank have signed a longterm lease, although the bank will retain ownership of the new building.

Karen K. Mawyer, who is managing the bank-building project, said the bank has a multi-decade lease with Miller, and the agreement includes a right to renew.

Two buildings on the Miller property will be demolished. It’s not clear what the fate of the remaining building will be.

Broadway Bank owns its 500 Main St. location and has multiple tenants in its building. It’s planning on selling the property and has heard from interested potential buyers, but no agreements have been finalized, said Waller and Mawyer.

Broadway Bank will seek local contractors for the demolition and construction work, they said.

“I want local contractors building this building,” Waller said. “We have at least three capable firms here that can build a building of that size.”

The firm anticipates construction will begin later this year, and no major changes to the design are expected.

“The city knows what we are doing, and they like what we presented to them as a quality building on that corner to complement City Hall and the courthouse,” Waller said.

Mawyer said the new bank will be “a little more pricey than we’d do typically, but we want to make sure it’s a landmark and it fits with what the community has around it.”

The new bank may include a few more employee positions, but nothing has been finalized, although space is available, she said. Teller stations will be more accessible — closer to the entranceway — and technology will be used to enhance operational efficiency and customer experience, she and Waller indicated.

“You won’t have to walk a mile to get to the banking line,” Mawyer said.

There also will be two more drive-up lanes than the current location.

“What we are putting together here is a 21st century community bank for Kerrville,” Waller said. “Because we don’t want to just be a branch, we want to be somewhere where people, when they come in, they know us, and we know them. Relationship banking is our basis; that’s how we’ve expanded in Kerrville, that’s how we’ve expanded other places.”

(2) comments

political42

A lot of talk about tax value increasing but but the revenue staying within this new tax district. In a normal situation HEB and this new bank would bring in new real estate taxes to help the city budget and hold down tax increases. But not Kerrville. They will come to the trough and increase our taxes while the tax district will swim in the spoils.

t28fog

The term "caddy corner" is actually spelled " catty corner" and means the lot diagonally to one being referenced which I believe is not what was being described. But 42 is right the TIRZ funds will benefit the few at the expense of the many, as predicted.

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