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Wachovia exit may return old bank look

Under its aluminum skin, Wachovia Bank's predecessor, First National, had a stately, classic facade that's still there.

By SHARON L. BOND
Published August 14, 2005

ST. PETERSBURG - Looks were not the primary concern when two older buildings at Fourth Street N and Central Avenue were covered with aluminum sheathing in 1961.

That probably was a good thing.

A lot of people consider the buildings, now occupied by Wachovia Bank, unattractive. Some even say ugly. Employees who work there have described the metal covering in less harsh but still not complimentary terms: cheese grater.

"I think it is a building whose time has come for the next incarnation," said John R. Hixenbaugh, zoning officer for the city of St. Petersburg. His office must pass on designs for development and redevelopment in the city. He said the 1960s effort to unite the two very different buildings under the aluminum was not well done.

"I'm sure it's not the ugliest building in town, but our residents don't consider it to be very attractive," Hixenbaugh said.

The next incarnation may be coming soon.

Wachovia is moving out of the two buildings this fall to another spot downtown. The buildings' owner, American Financial Realty Trust, wants to work with the city. Downtown St. Petersburg has undergone a renaissance in the past eight years with new luxury towers built and more planned.

"In connection with the downtown St. Petersburg redevelopment authority, we are avidly pursuing the right development partner to work with the downtown district to redevelop the property in a way that best suits the needs of St. Petersburg," said Glenn Blumenthal, chief operation officer for American Financial. It is based in Jenkintown, Pa.

The company wouldn't say much beyond that. It owns a number of properties and considers its core to be those in which financial institutions are located.

Hixenbaugh, for one, would like to see the metal grille removed and the two historic buildings under it renovated.

"I think it is important for us to get those restored," he said.

Both were built in the early part of the 20th century. One is an 11-story structure called the Pheil Building that housed a hotel and theater. The second is five stories and housed the Central National Bank.

So what was the purpose of the aluminum coat applied when First National Bank was in the buildings?

A story in the St. Petersburg Times said the grille diffused the intense Florida sun and thus reduced the heat load on air conditioning systems and helped protect windows from the rain.

"The cosmetic effect is only incidental," the story said.

Times researchers Caryn Baird and Mary Mellstrom contributed to this report.