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JP Morgan Chase exercises Longboat Key bank option after three-year delay

JP Morgan Chase plans smaller new bank site at the Shoppes of Bay Isles.

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  • | 10:04 a.m. September 20, 2016
JP Morgan Chase plans new bank site on Longboat Key at the Shoppes of Bay Isles.
JP Morgan Chase plans new bank site on Longboat Key at the Shoppes of Bay Isles.
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JP Morgan Chase received permission Tuesday, Sept. 20, from the Longboat Key Planning and Zoning Board to construct a 3,113-square-foot office building in the Shoppes of Bay Isles center at 545 Bay Isles Parkway.

JP Morgan Chase requested a site-plan amendment to allow the building, drive-thru, parking and associated stormwater collection system. The site is expected to open in the third quarter of 2017.

 “Staff recommends approval,” said planner Steve Schield of the Longboat Key Planning, Zoning and Building Department.

The site plan was reduced from the original proposal of nearly 4,000 feet to little more than 3,000 feet. It will have 34 parking spaces or more than three times the 11 spaces required.

Matt Campo, the original civil engineer for the Shoppes of Bay Isles, said the reduction is a minor change.

“It was originally anticipated as a bank in 2011,” Campo told the board. “It’s a very, very similar plan.”

The board voted 7-0 to approve the new bank plans.

Anthony Baldo, JP Morgan Chase market director of banking for the Sarasota area, said the size reduction reflects the evolution of bricks-and-mortar financial outlets versus online banking.

JP Morgan Chase placed this branch on Longboat Key for client convenience, Baldo said.

“We already have a number of outlets on St. Armands,” Baldo said. “It made sense to get closer to (our customers) on Longboat Key.”

JP Morgan Chase does not reveal the cost of building bank branches.

A JP Morgan Chase spokeswoman said the new bank will feature cutting-edge technology and ATM innovations such as higher cash withdrawal limits.

“This location would bring the latest in our banking technology to clients locally, and also all of our services and advice,” said Maribel Ferrer. “It will optimize our customers’ experience.”

The new Longboat Key location is part of an ongoing JP Morgan Chase

bank branch expansion in Florida.

“We are on track to open 10 branches in Florida this year and nine next year as we look to add locations that increase access and convenience for our customers,” Ferrer said.

The Longboat Key Town Commission will now be asked to give final approval.

JP Morgan Chase is the fourth-largest bank in Florida in terms of branches and 10 new branches will not change its ranking. JP Morgan Chase trails No. 1 Wells Fargo Bank, 649; No. 2 Bank of America, 581; and No. 3 SunTrust Bank, 498.

In other action

•  Mike Haycock was sworn in as new member.

• Comprehensive plan amendments were postponed until Oct. 18 by staff request. Planners will then repeal conservation and coastal management, housing, capital improvements, stormwater and recreation and open space elements along with an intergovernmental coordination element, establish governance and implementation elements and comply with Community Planning Act

• All items on the consent agenda are voted upon in their totality by one action (motion, second and vote) and are not subject to discussion.



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