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TriSummit Bank readies for next phase at AEP building

TriSummit is soliciting bids for the second phase of the project, which will involve actual construction of an addition to the building.

 

KINGSPORT — Construction on the old AEP building is entering a new phase.

TriSummit Chairman and Chief Executive Officer Lynn Shipley said contractors with Little & Adams Inc. have completed demolition and abatement work on the Church Circle building and have pulled their work trailers off the site.

Now TriSummit is soliciting bids for the second phase of the project, which will involve actual construction of an addition to the building. The bidding process is expected to be completed March 12, and the winning contractor will start construction soon after.

“We’ll see a fast-track construction plan moving from that point forward,” Shipley said.

TriSummit has faced various delays in the construction process. First, TriSummit’s acquisition of the property was held up when a lawsuit was filed to block the purchase. While it was ultimately dismissed, the lawsuit held up construction at the building for more than a year.

In the meantime, TriSummit opened for business in the Executive Park building on Stone Drive.

Once the lawsuit was dismissed, TriSummit proceeded with its plans to buy the AEP building, and abatement work and site preparation began in late 2007.

Shipley said the initial construction phase turned up more than the bank had bargained for. As expected, the inside of the building tested positive for lead paint and asbestos, which had to be removed. But unexpectedly, tests around the building unveiled poor soil quality. Shipley said the soil had to be excavated and removed, and new soil was trucked in.

And recently, workers trying to pour the concrete foundation for the addition were slowed by inclement weather and freezing temperatures, Shipley said.

“It’s really been slow the last six or eight weeks,” he said. “But they’ve finished pouring the concrete for the foundation, and we’ve reached a milestone in the construction process.”

He said TriSummit opted to solicit bids for the actual construction phase of the project to take advantage of lower construction costs.

“Last summer as construction started to slow nationwide, material prices started to come down and the availability of subcontractors and skilled craftsmen started to improve,” Shipley said.

“We just felt like it was in the best interest of our shareholders to bid out this next phase of construction so we can take advantage of the lower costs,” he said.

Initially construction was expected to cost $5 million to $5.5 million. However, the price tag is expected to increase because of the unexpected abatement projects and soil removal during the initial phase of construction.

“I know it’s going to be more than that because of site abatement,” Shipley said. “Anytime you get into renovating a property in an historic district, you’ve got additional requirements to comply with. And just renovating an old building brings its challenges.”

He said he hopes construction will be completed by the end of the year. At that time, TriSummit’s corporate offices in the Executive Park building will be moved to the downtown location. Shipley noted that TriSummit will retain its branch on the main level at the Executive Park office.

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Thanks TriSummit for your investment in downtown Kingsport.

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