WILKES-BARRE TWP. — A bank training center that had been a Ground Round restaurant on Mundy Street will be demolished as part of a plan to develop the 2.2-acre parcel, according to court documents.
First National Community Bank. Inc. sold the property to Mundy Street Square L.P. for $1.85 million, according to a special warranty deed filed on Dec. 31 with the Luzerne County Recorder of Deeds.
The buyer listed an address of 1140 Route 315 which is the same address for TFP Limited, a real estate development and management firm. A phone call and e-mail sent to Robert Tamburro, trustee and general partner of TFP, were not returned Friday.
The Wilkes-Barre Township zoning office has not received any information on plans for the property. An exhibit filed with the deed indicated that the existing building is to be demolished.
The property sits between the Wyoming Valley Mall to the west and the Arena Hub Plaza to the east and has a number of restrictive covenants on its use and the types of businesses that can operate on it.
Among the prohibitions are: the sale of pornographic books, films or material or entertainment of an obscene or predominantly sexual nature; the sale of household furniture; an office supply operation; and a restaurant whose menu is more than half filled with pizza or pasta items.
Buildings constructed on the property must be one story and shall not exceed the lesser of 12,000 square feet or the maximum size permitted by the local ordinance or code.
“The premise shall only be used for retail, restaurant, office or for a bank or financial institution,” according to the deed.
The bank acquired the property through foreclosure after the Ground Round closed in 2009. FNCB converted the building to a training facility that opened in 2010.