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The SunTrust Bank building is an albatross

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To the Editor,

I have read the article concerning the former Sun Trust Bank property that the town of Wake Forest had purchased last year [“Downtown project could be ‘catalytic’ to new development”; June 21].

I find it concerning that the town has contracted with UNC to determine what is the best type of use for this property. I was not in favor of the town getting into the commercial real estate business and spoke against it publicly. The town assured everyone that it will be a great benefit to the residents.

The only results I have seen so far is that a building sits empty that the taxpayer has to maintain and there are no property taxes or economic activity being generated from the property. So I ask “where is the benefit?”

I also wonder why the town had contracted with UNC for economic development as I was under the impression that the town already has an economic development director. This is a situation that I see as a duplication of services. The town employs someone for a specific job, and then contracts out to do the same thing.

The town government of Wake Forest is getting too big as they are doing things that are outside the scope of the purpose of government. I also understand that the town wants to hire an architect prior to having a so called partner in the property. Different businesses have different needs for building usages, or so I thought.

The town purchased this property on pure speculation and is now trying to decide what to do with the property. The notion of “for the public good” should not apply to land speculation. I hope that in the future our town leaders decide to refrain from continued commercial real estate speculation, as it is costing the taxpayer money.

Matthew S. Reck

Wake Forest