WSTB

Federal judge sets May 23 hearing to determine the fate of the former BB&T headquarters building in downtown Winston-Salem:

https://journalnow.com/news/local/feder ... 5074b.html

Thanks for posting this. I was just wondering when this was going to be determined.

It will be good to get some resolution on that. If the government does seize it through forfeiture, perhaps Richard Burr's parting gift could be to get some federal agencies to consolidate offices from elsewhere into competitively priced Winston-Salem. Though I doubt that lame ducks have that kind of sway, but its nice to dream....

As a lame duck and maybe someone who is hated by his party (may not have a future with Republicans after he leaves office), he doesn't have to answer to voters or his party. That is a big deal! He can negotiate with Biden/Democrats in exchange for something. I think he has more power than you think. Democrats are sometimes just one or two votes from pushing something through. I've long wanted him to find a way to consolidate all of the federal offices in the Triad in downtown Winston-Salem at a new federal building. I'm sure he could do even more than that, when Democrats want something and one or two of their senators say no. Just Burr alone allows Democrats to reach a compromise with one of those two senators and to pass what they want, instead of having to reach a compromise with both that both can agree with and the party can hold together in agreement with.

With that in mind, there is a bigger project he could ask for. Biden has a new medical research agency, called ARPA-H, and politicians don't want it in the Capitol. North Carolina is one of the places in the running for it. It has a billion-dollar budget and is a big deal. Would Biden/Democrats be open to locating this game-changing project to downtown Winston-Salem's Innovation Quarter in exchange for Richard Burr helping them pass Build Back Better before the election and possible shift in power? I'm sure we all know Republicans will take a Senate majority next year and this is the last year Biden/Democrats have to do something big. They are two votes short and I think one of those was willing to compromise. Is Burr willing to step-up like this for his hometown, as a parting mega-gift? There are potential temporary sites, like office spaces and Inmar's former Innovation Quarter space. All we need is for Burr to talk with Democrats on a compromise to pass something big ahead of the election in exchange for ARPA-H locating in downtown Winston-Salem's Innovation Quarter. I'm guessing they would build their own new custom space in the Innovation Quarter's second phase, as a major anchor. They would also be the type of anchor that could establish Winston-Salem nationally as a research center and make it easier to attract those type of jobs to Winston-Salem.

https://www.nih.gov/arpa-h
https://www.statnews.com/2022/04/08/bid ... a-h-is-on/

Truist is learning the aging office space in Winston-Salem doesn't sublease. They should just consolidate in more affordable Winston-Salem and close offices elsewhere. Is it April of next year when the lease expires? We are nearing a good time to sell the building to an apartment or hotel developer. The developer that buys it (maybe PMC Property Group?) can collect rent for 100% of the space while it's nearly vacated (only a small bank branch is using the space, on the ground floor, if I'm not mistaken?) for the architects and engineers to inspect and prepare designs for. This would also make a really nice university building. And again, collect rent while you're in the early phases of adaptive-reuse. It is out-dated and needs a big renovation. They should just convert it to apartments or another use, taking advantage of the fun elevators and park location. There are plans to restore the park, from the City, but those plans are unfunded at this time. This building is just so complicated! Correct me if I'm wrong, but I think Truist owns the parking under the building, the City owns the park, and will the federal government and a businessman both own the office tower? Even if you buy it cheap on the courthouse steps, you may only own half of the tower and have no parking and will have to talk with the city about closing part of the park for construction and any changes that have to be made to the park? Wow! And as soon as they hear the word "apartments" in their negotiations, a few council members will say the three words that make it all unfeasible: "workforce housing requirements" I'm somewhat concerned, if someone doesn't assemble everything before it's offered to potential developers, this building may sit for a long time and could only be feasible as very cheap office space... if parking is available? And who will assemble it all? Gee? Truist? City Hall... workforce housing requirements? I'm guessing the federal government won't try to assemble it all?

Interesting opportunity @Fourth and Main. You should write Burr's office to propose your idea.

Big opportunity!

The parking under the building is now for sale!

https://www.cushmanwakefield.com/en/uni ... 21018215-s

I was just talking about this. Truist is seeking $4,609,400 for the underground parking deck. You need the underground parking deck to make anything work in the tower. It's hard to market the tower or do much with it without the parking under it. There is a chance the parking may stay on the market until the building enters the market? With the parking, it has underground parking, which is a very nice amenity. From what people are telling me, these dated 1980s PoMo buildings are the most difficult to lease right now for office space. If you want an office tenant to look at it, it may have to be gutted to the frame and reclad? This is why I'm thinking it could become residential. This building also appears to have very low floor-to-ceiling heights for modern office, but it's a good height for residential. It needs this underground parking deck to make anything work, though. It will be interesting to see if Truist gets their asking price. I'm thinking any offer will be for half that, at best? And it's likely to stay on the market long enough for Truist to consider a low offer.

I looked up the tax value for the BBT building parking garage and it’s listed at $4,609,400 (which is the same as the current asking price). The owner of the garage is still listed on the tax records as Branch Banking and Trust Company. The building owner is still shown as 200 West Land Dst, 136 Main St, Pineville NC 28134. This will of course change after the foreclosure proceedings. The building appraised value on the current tax record is shown at $27,258,900. This is another way Truist (BBT) is screwing over Winston Salem again. The first time was when they left the city and took all their high paying jobs to Charlotte. Now they are trying to sell the parking garage/plaza under a building that is in the process of foreclosure. This will complicate everything. I can imagine a buyer doing due diligence and finding out they are attempting to purchase a building while being held hostage by the owner of the parking deck that sits under the structure and the plaza which is located behind the building. If Truist wanted to help the city recover from the absolute mess they made here, they should simply transfer the ownership of the parking deck/plaza to the city. The city could in turn offer that parcel to the buyer of the building in order to make the sale easier and more attractive. $4.6 million is literally freaking peanuts to Truist. My heartfelt thanks to all the Truist/BBT executives for giving the city the middle finger once again! With friends like them who needs enemies!

It looks so familiar and yet so different...



The white matches the Wells Fargo Center, Liberty Plaza, RAI Plaza, 250 West First, and Truist Park. Rectangles and squares also work well with Truist Park, Liberty Plaza, the Federal Building, and the Wells Fargo Center. This design would have glazed sections, too. The sides are designed to match 500 West 5th, with inset balconies and slightly inset (east/west) side windows. It adds balconies and texture to the structure. However, the big change is making the building appear taller by removing the angled roof and going upward on the north and south facades. This design is 2 metres (about 6.25 feet) taller, due to the box that rises above the elevators. This becomes an area where the developer can add a building name/signage. However, most of the taller appearance is from continuing the north and south facades upward, instead of cutting those sides 2.5 storeys short and angling them. This gives the 20th floor a full floor plate instead of being a partial floor plate. The illusion of extra height, on the north/south facades, also works better with the tall building beside it and getting it to match-up with the set back Pelli designed for it. I've also noticed the highly visible angled roof in the original 1980s design often looks dirty or faded (it looks dirty right now) and this removes that problem. It allows the 20th floor, which has very little window area and is smaller in the 1980s design, to become an amenity floor for the building, with outdoor areas and an enclosed bar, kitchen, and entertainment space. I think you could likely rise the floor and add a shallow pool, like the Nissen Building, on the 20th floor? I didn't do that, but a developer may explore that idea. Removing the angled steel also involves cutting the concrete designed to anchor the angled steel for the roof to the building and the saw used would be fun to watch. It's a massive concrete cutter and I've seen one before in action. The 21st floor mechanical penthouse has translucent glass with LED lighting that is designed to light-up at night and give the building a visible presence on the night skyline on all four sides. It can also change colors. The balconies can be inset, along with windows, which adds to the depth and design, but doesn't add small projecting slabs to the design. There are several inset windows that are operable. The first floor projection, south toward the reflecting pool, can become a restaurant with outdoor seating and the projection's roof can remove the barrel vault to add an outdoor amenity area. The restaurant and maybe an outdoor bar would activate the upper park. People using the amenity area above the restaurant projection would also add to the people presence in the park. I'm sure the view is nice up there. The glass elevators would be preserved and the green glass would be replaced, which is often said to be a problem. These inset balconies and outdoor spaces can make the building attractive for both modern office and residential uses. Actually, the 20th floor amenity area makes this very similar to a Skyhouse, which is named for its top floor amenity area.

So is this something that you came up with to offer a suggestion to potential developers or is this something that you've uncovered from a source as an actual working proposal?

It's a digital 3D model I made, to show what is possible with a reclad. This is fun to spin-around/rotate. It looks good (in my opinion of my own artwork) from all angles. This also allows Winston-Salem to add a more modern-looking building to its skyline. I'm not aware of any proposals for this building at this time. I'm guessing we won't see anything until maybe next year? I think they are still making money from Truist on the space until next spring? Around maybe April of next year, it will become a money loser and I expect them to unload it. The shallow floor plates are perfect for residential, but I think this could become an interesting hotel or maybe larger spaces for startups entering their growth phase? Maybe a project called "Office Hub" that allows companies downsizing through different "work-from-home" policies to have a somewhat small single floor plate office space in the heart of the city (360 views) with a downtown address? This space could have multiple amenities on the top floor and maybe the second floor, along with a downtown mailing address. And then we return to tenants wanting the newest Class-A space for that use and return to the reclad ideas. The startup space for companies with so many workers and needing more space could possibly use the space without the reclad, if it's cheap and maybe connected to a local organization that helps startups?

Another design concept could be to make wrap-around balconies, for a residential conversion, by insetting the main facade to match the elevators' window wall. I see a lot of these designs in Canada. I do think this shows what is possible if a developer hires maybe STITCH Design Shop or Gensler to modernize the exterior through a reclad. Gensler has worked on several reclads. I guess the last reclad was the library (reclad the 1979 structure and expand it to the north)? Before that was maybe the County Government Center? I think the downtown SEARS store was reclad by Wachovia for a data center? I guess the old Inmar space and Bailey Power Plant are partial reclads, recladding their north facades.

It’s a great suggestion as to how to repurpose the look of this building. I continue to believe that a mixed use hotel/residential conversion makes the most sense. Would be great to get another high end hotel brand for the city.

F&M, I'm liking this design more and more as I imagine the possibilities. With the right color cladding it could be very intriguing and with the creation of balconies it would really increase the value of the apartments. Winston also needs a "skybar" and restaurant. People always enjoy looking out from a high location while dining or having a drink. I took this photo from the 23rd floor of the Wells Fargo Center a few years ago and the view of a north facing bar on the top level would be similar.

Wow! I love that view!

I'm hearing this building won't be desirable for large office users, due to small floor plates. I suspect BB&T had plans to move-out before the merger (to their current building). I still think it could work as smaller offices, as part of the startup community or for companies that are downsizing and would like an entire floor in a centralized (and prominent / easy to find) building with a view, but the person I spoke with seemed to think it would work better as apartments. And that led back to the need to modernize its appearance. I've noticed there aren't a lot of reclads in Winston-Salem. Looks at the Forsyth Government Center and Twin City Lofts as reclad examples. Of course the now demolished Security Life & Trust Headquarters. That neighboring city to the east reclad an outdated office building to modern apartments, a few years ago. Looks at the 1982 Journal Building as a partial reclad? I will admit that it is perfect for apartments with a rooftop amenity area. A reclad also allows for balconies and a top floor amenity area. Still trying to look at other uses: Maybe apartments and hotel rooms would work? I would like to see a university buy it, though. I do have to admit, it does look outdated, though I also like it as a reflective glass structure in an unusual "Hunter Green" color. This building broke ground about two-and-a-half months after I was born. It's like a trip back to that time. I know there were also plans to build a second taller green glass tower, with around five more floors, on one of the neighboring sites. I'm guessing the site where the Wells Fargo Center currently is? I guess future visioning shouldn't focus on office, but maybe residential and what is cool retro or severely outdated and undesirable? This was yet another person saying the green glass must go.

I've been trying to find any information I could on the proceedings regarding the BBT building. I found this today on the DOJ website under the "Sterling Currency" proceedings: "In the May 23. 2022 hearing, the Court took the defendants’ motion for bond pending their appeal under advisement and set a hearing on the issues of restitution and forfeiture for July 12,2022 at 2 pm. The July 12 hearing was continued to August 9 at 9:30 am." I'm not an attorney, but it sounds like this could take a very long time to be resolved to the point where we will know what will happen to the building.