STUART — The Stuart City Commission unanimously approved plans for Seacoast Bank to build its new corporate headquarters on the southeast corner of Colorado Avenue and Kindred Street.
The approval, granted at the Sept. 22 meeting, includes the construction of a three-story, 58,647-square-foot office building, a 90,762-square-foot parking garage, and drive-thru facilities for the bank.
The decision comes after Seacoast Bank, which has been a key community player for nearly 100 years, sought approval for a Major Conditional Use and Major Site Plan to proceed with the headquarters development.
The new project will replace the existing Seacoast Bank headquarters, located on the same site, with a more modern and expanded facility. The new structure will include office space, a bank branch, and additional amenities to meet growing demand.
Ted Astolfi, CEO of the Economic Council of Martin County, emphasized the significance of the development.
"They've been a key community member and corporate headquarters in Martin County for 100 years," Astolfi said. "Now, they're planning to build a brand new bank and corporate headquarters facility on the same corner that they're on now at US-1 and Colorado."
The bank’s location falls within the Creek District, an arts and entertainment overlay zone, which meant Seacoast Bank needed to seek variances and conditional uses for certain zoning codes. Astolfi noted that the process of obtaining approval was not without challenges.
"Because they're in an arts and entertainment overlay district called the Creek, there were some zoning codes that really weren't appropriate for a bank on the corner of US-1 and Colorado, and they had to go and get some variances or some conditional uses approved by the city commission," he explained.
Despite initial concerns about support for the project, Astolfi said the community rallied behind the development.
"It was just an overwhelming level of support for a bank that's done so much for this community and a community that did not want to see that bank and that corporate headquarters specifically leave Martin County and the city of Stuart," he said.
Astolfi also highlighted the growing importance of Seacoast Bank in the region, noting that the bank is expanding its footprint beyond Florida.
"They're not just a statewide bank. They're now becoming a Southeast U.S. bank. And so to have a corporate headquarters of that importance located in our community and other communities pay huge cash incentives to get corporate headquarters like that," he said.
The new headquarters will replace a facility built in 1961, with Seacoast Bank planning a substantial investment in the new development.
Astolfi pointed out that the redevelopment would benefit the city financially.
"The capital investment alone on that redevelopment will show a tax increase to the community, both city and county together, with no increase in demand for services," he said. "So that basically is just free money to the bottom line of the city of Stuart without having to offset any increased expenses."
Astolfi also praised the project as a sign of the city and county's growing appeal to businesses.
"It speaks volumes to both the city of Stuart and Martin County's attractiveness for corporations like Seacoast. And it's also going to be a fantastic symbol of vibrancy in our community and a true gateway into downtown as you come down Cantor Highway to Colorado and cross U.S. 1," he said. "And we'll become a symbol of the prosperity we're having in this community."
With approval now in hand, Seacoast Bank is set to begin construction on the new headquarters, further solidifying its commitment to the region's economic growth and development.