Bank to build new headquarters at former Lucky's site
Aug. 5—One of the city's most visible empty lots on Sixth Avenue will soon be the location of a new Renasant Bank headquarters for the Decatur-Morgan County market.
The bank announced Wednesday that it plans to build a two-story, 7,700-square-foot banking center at the corner of Sixth Avenue Northeast and Lee Street where the former Lucky's Supermarket once stood.
Tim Lovelace, Renasant's Decatur market president, said Wednesday the headquarters is moving from its current location at the corner of Lee Street and First Avenue Northeast. He said the new building will be called "Renasant Gateway Decatur" to highlight its connection to downtown.
Construction is scheduled to begin in September or October with completion planned for late 2022, he said.
"We wanted to create a new entrance into downtown Decatur with a new, state-of-the-art banking center that will continue to meet and exceed the financial needs of our current and future clients," Lovelace said.
Tupelo, Mississippi, based Renasant operates three offices and holds approximately $380 million in deposits in Morgan County. The Sixth Avenue location will provide commercial banking, mortgage, private client, treasury and investment services.
Cook Properties owns the property. In February, the Planning Commission adjusted the lot lines between two tracts of 0.37 and 1.38 acres to create two tracts of 0.8 and 0.95 acres. Lovelace said his bank will lease the 0.8 acre on the front of the property along Sixth Avenue.
Crystal Brown, president and chief executive officer of the Decatur-Morgan County Chamber of Commerce, called the architect's rendering of the building that will feature a nearly all-glass front and a raised terrace "incredible! Wow, what a wonderful addition to our corridor on this side of the river."
Mayor Tab Bowling said the new bank fits perfectly with the city's plans to improve the appearance of Sixth Avenue with a streetscape.
The city is planning to beautify the 1-mile stretch of Sixth Avenue/U.S. 31 between the Tennessee River bridges and Prospect Drive Southeast at Delano Park at a cost of about $8 million.
The city is still waiting on the final drawings of the Sixth Avenue streetscape plans from a consultant. Lovelace said the Renasant project architects, Fuqua & Partners, will work closely with the architects on the Sixth Avenue streetscape to make sure it fits well with their plans.
"I can't think of a better way to celebrate the completion of our Sixth Avenue corridor revitalization than with the new downtown Renasant location serving as the centerpiece," Bowling said.
Rick Paler, executive director of Decatur Downtown Redevelopment Authority, said the plans turn this intersection, which he called a "ratty" parking lot, into a great entryway into the downtown.
"This will make a great statement," Paler said of the artist's rendering. "It's very contemporary, especially when you see it at night."
Paler said the combination of the new bank headquarters and the Cook Museum of Natural Science just to the west on Fourth Avenue Southeast "says a lot about the city. It's a very high-profile location."
Lovelace said the bank will be moving out of its location at the corner of Lee Street and First Avenue Northeast. Paler said he doesn't think the building will stay empty long.
"It's a nice building," Paler said. "I've gotten comments that it's too close to the county jail, but it's good enough for a bank."
Brown said the real estate market is so strong in the city, especially in the downtown area, that she thinks it will be occupied quickly.
Fite Building Co. is the general contractor of the Renasant project with Pugh Wright McAnally Engineering Services serving as the civil engineering firm.
— bayne.hughes@decaturdaily.com or 256-340-2432. Twitter @DD_BayneHughes.
