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United States National Bank - 2201 Market St

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The United States National Bank in Galveston at  2201 Market St.


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From a 2015 Loopnet listing (archive link) :

 

Millichap and have been exclusively retained by the owner to offer for sale the United States National Bank Building, an irreplaceable Galveston Central Business District redevelopment opportunity, currently operating as a mixed-use property. The asset contains approximately 89,893 gross square feet of office space and retail space, located in the heart of the Galveston Central Business District and walking distance from the historic retail shops on Post Office and The Strand. The property is situated within Galveston's downtown financial hub, located next to Bank of America, Merrill Lynch and Wells Fargo Wealth Management, while being home to Frost Bank, University of Texas Medical Branch, and Kempner Capital Management. Featuring a broad tenant base and is a microcosm of the diverse businesses that call the Galveston submarket home.
 

The largest tenants represent a variety of industries including medical care, banking, non-profit, private wealth management and real estate.The property is caddy corner from the largest structured parking garage on the island, holding approximately 600 parking spaces for a parking ratio of just over eight spaces per thousand square feet of total rentable area, a parking ratio well above its peer group. Due to the size and location of the site, combined with Galveston' s zoning and the dynamic Galveston Central Business District market, this property is ideal for residential or hospitality redevelopment uses.The United States National Bank Building offers investors a true pride of ownership asset with this 12 story granite faced, Italian renaissance style building, while providing strong cash flow and being strategically located just outside the fourth largest city in the United States.Subject property was featured in a music video by Hip Hop artist, DMX.




 

 

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More on The United States National Bank in Galveston at  2201 Market St. This comes from Galveston's newspaper The Daily News this week (behind pay-wall):

 

Major makeover: In other island luxury apartment news, crews are expected to begin demolition work in the 12-story United States National Bank Building, 2201 Market St. downtown, as part of a $14.9 million renovation that will yield 64 luxury apartments.
 

Along with high-end apartments, developer Hadar Goldman plans to add a rooftop event center with a bar and pool, along with a street-level spa, wellness center and yoga studio. Previous street-level tenants already have moved.
 

The building would offer all the modern amenities, while respecting Galveston history and tradition, Goldman said. Frost Bank will continue to lease the second and third floors of the building, while Kempner Capital Management will remain on the 12th floor, Goldman said. Principals of Kempner Capital Management have a long history with the building, inspiring Goldman to allow the firm a lease for as long as it wants one, he said.
 

There’s a historic significance to the Kempner Capital Management continuing as a tenant, Goldman said.
 

The Kempner family originally owned the controlling interest in United States National Bank, an outgrowth of a savings bank in which wholesale grocer, cotton broker and real-estate investor H. Kempner acquired an interest in 1885, according to the Galveston Architecture Guidebook. Kempner’s sons bought a controlling interest in the bank in 1902, and in 1923, one of them, Daniel W. Kempner, directed planning and construction of the modern office building, according to the guidebook.
 

“The height of the U.S. National Bank Building signaled to W.L. Moody Jr., the Kempner brothers’ business rival, their determination not to take second place to his 11-story American National Insurance Building at 21st and Market,” according to the guidebook. The Moodys in the 1970s went on to build a 23-floor skyscraper downtown.
 

Alfred C. Bossom with Sanguinet, Staats & Hedrick was the architect of the building, completed in 1925 and known for its dark granite base, smooth limestone facing, tall arched windows separated by Corinthian pilasters and a clock face above the pediment-capped corner, according to the guidebook. The building was rehabilitated by island architect David Watson in 1990.
 

Renovation of the building has been years in the making and Goldman has amassed what he calls a “superteam,” which includes architect Watson; general contractor Larry Brown Construction; and Adam Halifi, who will lead the demolition, Goldman said. In a note of irony, Moody Bank is financing renovation of the building, which has long housed Frost Bank, Goldman said.
 

Crews will be sensitive in demolition to preserve the building’s history, said Goldman, who acquired the building for cash nearly seven years ago.

“I’ve been working with this so long, it’s worth it,” Goldman said.
 

On Thursday, a $200,000 temporary construction elevator will arrive at the site to take everything up and down, said Goldman, who has holdings in Tel Aviv, the United Kingdom and Chicago.
 

The building will be equipped with all the modern technology, Goldman said.


https://www.galvnews.com/business/buzz/article_2c054e7d-75af-5927-9dc1-b6a7f7850940.html





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5 hours ago, Reefmonkey said:

This is exciting! No expected completion date?


I only glanced over the website, so I didn't take a deep dive to find an estimated completion date.


 

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4 hours ago, Luminare said:

Now thats what is called mixed use.


It is!

I imagine the apartments going in here will be nice to match the beauty of the building.

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