Big bank shifts its downtown presence

The Bank of America name perched on one of the more identifiable downtown Sarasota buildings will be coming down — likely by early next year.

The bank will move from 32,000 square feet on the ground floor of the building, at 1605 Main St., to a 5,000-square-foot branch a few blocks away. The Bank of America name has topped the tower, the Ellis Building, since at least 2005.

The building was constructed in 1972.

Sarasota-based Ruben-Holland Development has signed a contract to develop the new Bank of America branch, which will double as the bank’s local headquarters. The building will go next to a newly completed Staples office supply store at the intersection of Fruitville Road and U.S. 301. Ruben-Holland also developed the Staples.

Local Bank of America officials couldn’t be reached for comment about the bank’s dwindling local presence, at least from a square-foot perspective. But Bank of America spokeswoman Christina Beyer Toth said Bank of America is “always looking for retail banking centers that make sense for us and we continue to look at that site as a possible location.”

Ruben-Holland founder Wayne Ruben said the Bank of America branch, which could be completed by early 2013, is another nugget in a Sarasota recovery story. In addition to Staples, restaurant chain P.F. Chang’s and grocery chain Trader Joe’s recently committed to the area.

“It’s incredible what’s going on,” Ruben said. “People are saying, ‘Woe is me,’ but that’s not the reality. I feel real positive about downtown.”

Meanwhile, Larry Fineberg, an official with Benderson Development Co., which owns the Ellis Building, said Bank of America’s departure isn’t as bad as it might appear. Fineberg concedes the loss of a ground-floor tenant with its name on the building, in a recession, no less, poses a large challenge.

However, Fineberg said University Park-based Benderson can move ahead with a much-needed first-floor renovation. The firm also will leverage the marketing of the space with the ability for a new tenant to put its name at the top of the building.

Benderson will target a bank for the space, though Fineberg is open to other tenants.

“It certainly creates an opportunity,” Fineberg said. “It’s one of the most prominent buildings downtown, if not the most prominent.”

Sarasota Observer City Editor Kurt Schultheis contributed to this story.