First Citizens Bank this week purchased the land where it will build a new branch near the southwest corner of U.S. 1 and Cowan Boulevard in Fredericksburg.
The bank paid $1.6 million for the 1.68-acre pad site in the Silver Cos.’ Cowan Crossings development.
The land is near the stoplight off U.S. 1 that’s just south of Cowan. It’s near the middle of the Cowan Crossings development, on which extensive site work has been completed in the last few months.
Silver and its representative, Coldwell Banker Commercial Elite, are working on attracting additional users to the development. A drugstore is envisioned at the corner of U.S. 1 and Cowan, and a restaurant and medical offices are also planned.
Tony Perez with Coldwell Banker Commercial Elite represented the Silver affiliate on the sale to First Citizens.