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ST. PETERSBURG - The City Council unanimously approved a proposal Thursday allowing SunTrust to build a branch in Midtown. It will be the only bank in the economically struggling area south of Central Avenue.
Council members applauded SunTrust officials and the city's staff for pulling together the deal, which was in the works for more than a year.
SunTrust has offered the city $500,000 for the 1.5-acre lot at the southwest corner of 18th Avenue S and 22nd Street. The city paid $300,000 to assemble the lot.
The bank will be at least 3,500 square feet and will employ about seven to nine people, most of whom SunTrust officials hope to hire from the neighborhood.
The branch is scheduled to open in about one year.