The bank is moving to the location of the Mobil gas station in Island Walk, the city of Palm Coast reports.
What is commonly called the SunTrust Building, at 1 Florida Park Drive S., Palm Coast, is actually the B. Paul Katz Professional Center. But the three-story building is about to lose its anchor tenant, as SunTrust Bank is moving a few blocks to the west, into the spot where a Mobil gas station recently closed, at the southwest entrance to the Island Walk shopping center.
The former Mobil, worth $647,000 and built in 2011, is already zoned Com 3, so rezoning won't be necessary, according to Palm Coast Chief Development Officer Jason DeLorenzo. The Mobil will be demolished in lieu of a bank, he added.
"As the city ages, you're going to see these redevelopment pieces from time to time," DeLorenzo said.
SunTrust and Katz representatives declined to comment. The Katz building, built in 1986, is on 2.5 acres and is worth $1.9 million, according to the Flagler County Property Appraiser's website.