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A $4 million investment from a local bank will help fuel a new retail and entrepreneurial hub in Raleigh.
A $4 million investment from Salisbury-based F&M Bank will help fuel a new retail and entrepreneurial hub in Raleigh.
The 16,000-square-foot development, dubbed Montague Plaza, is expected to open later this year. It is located on 1.7 acres at 2718 Rock Quarry Road in southeast Raleigh. Plans for the space include 14 Black-owned businesses and educational programs focused on entrepreneurship, math, science and financial literacy.
F7 International Development bought the property in May 2021 for $435,000. The space is adjacent to Southeast Raleigh Magnet High School, where students there could have easy access to the educational programs.
James “Monte” Montague, president of F7, is leading the project, which he says will shape the growing neighborhood for generations.
“I wasn’t looking for a national anchor chain,” Montague said in a statement. “I was looking for people who are from the area, born and raised, that want to give back and sow back into the area — not just take money out of the community.”
He was raised directly across the street from the project.
Businesses and groups that have already signed up for the space include Einnaf Cosmetic, Crowned by Luxury, Ism Music Studio, Griffis Barbershop, Outerskin2, Phoenix Physical Therapy, Jerk Masters Jamaican Restaurant, Dr. A. Shepherd Concierge Service and University Luxury Rental Cars, among others.
The space will feature a science, technology, engineering and math program for students and young adults, according to CBJ sister publication the Triangle Business Journal. F7 is partnering with Neil Kumar of local software form GlobalXperts Inc. to teach students skills in tech fields such as cybersecurity.
“Sometimes it’s hard for kids from underserved communities to see themselves pursuing STEM-based careers, especially when they might be the first person in their family to attend college,” Montague said. “We want to make sure they have the confidence and support to build the future they want.”
F&M Bank said the development is grounded in retaining talent, fostering local success and improving quality of life, which aligns with the institution’s values.
“It’s been an honor to partner with Monte and watch his vision come to life,” Steve Fisher, F&M Bank chairman and CEO, said in a statement. “And we can’t wait to witness the positive effects it will have on this community.”
F&M Bank is the Charlotte region’s third-largest community bank based on local deposits of about $801.83 million. It holds 0.21% local market share and more than $950 million in total assets.
June 2023 local deposits
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